SKY Eye

The Lithuanian Financial Crime Investigation Service (FNTT) has fined the crypto firm Payeer nearly 9.3 million euros ($10 million) for international sanctions violations and anti-money laundering (AML) breaches. Specifically, Payeer was fined 8.23 million euros for facilitating transactions in Russian rubles through its platform, involving sanctioned Russian banks and clients. Additionally, a 1.06 million euro fine was imposed for failing to report transactions over 15,000 euros and for inadequate customer identity verification. Registered in Lithuania in October 2022 and operational from January 2023, Payeer had at least 213,000 clients and revenue exceeding 164 million euros. According to the FNTT, Payeer intentionally neglected compliance to avoid losing significant revenue, did not halt sanctioned transactions, and failed to cooperate with the investigation. The company can still appeal the fines.