The European Court of Justice (ECJ) has ruled that ABC Projektai can regain its banking licence, four years after it was revoked by the Bank of Lithuania (BoL). The payment fintech, previously known as Bruc Bond, had its banking license revoked in April 2020 for allegedly holding customers’ money longer than necessary for online transactions.
In a detailed verdict, the court recognised ABC Projektai’s proactive measures and commitment to compliance and changed the penalty from permanent license withdrawal to full repayment as of 1 July 2024.
The court ruled that the main accusation against ABC Projektai regarding exceeding the limits of its payment institution license was invalid.
The court ruled that the initial revocation was harsh and disproportionate, finding the previous accusation invalid due to a lack of evidence of wilful misconduct by the company. It also noted that fintech had taken steps to correct its mistakes following the ruling. ABC Projektai, one of the first fintech companies to receive an electronic payment institution license from BoL in 2016, operated in Lithuania until April 2020.
Officials from ABC Projektai said this full vindication is a great relief, as it validates their operational practices and unfailing commitment to regulatory compliance. They are pleased with this decision and remain committed to maintaining the high standards of compliance and operational integrity. They look forward to continuing to serve their customers with dedication and professionalism.
During the procedure, ABC Projektai received support from other EU Member States, including Germany, Poland, and the Czech Republic, and from the European Commission.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now