This week, on 22.04.2020, following a period of inspections and deliberations, the Bank of Lithuania has decided to revoke the licence regulating part of our activity in Lithuania. We are surprised and saddened by the decision, especially in light of the respect we feel towards the Bank. Naturally we will comply in full.
We want to be clear that the Bank arrived at this decision on procedural and technical grounds only. No money laundering incidents have ever occurred. No misuse of funds ever took place. No client complaints cases were ever recorded, and none were considered in the Bank of Lithuania’s decision. In our years of operation, we have always adhered to the most stringent global industry standards and complied with local regulations. It is crucial to state that this decision rests only on procedural grounds of the kind faced by all companies in the fields of fintech and financial services. No ethical misconduct took place. We are proud to say that the absolute majority of issues identified by the Bank have been addressed, fixed and remedied. Sadly, the Bank of Lithuania decided against our position in this case.
The Bruc Bond brand operates internationally via multiple legal entities, under different business models and with several licences from various national regulatory bodies. This decision by the Bank of Lithuania affects only clients under the Segregated Account model. Effective immediately, Bruc Bond UAB will not accept any incoming payments to the affected segregated accounts. All incoming transactions will be rejected and funds will be sent back to the sender. All other clients, in particular those signed under the Direct Account model, can continue to enjoy our services uninterrupted.
Bruc Bond is committed to providing the highest quality of service to our clients. We will keep serving as a bridge connecting enterprises and financial institutions. We will continue cooperating with the Bank of Lithuania to resolve this matter seamlessly and as quickly as possible. We are committed to assist the clients affected by this decision to transition smoothly to alternative services, whether with us or with other providers.