The Bank of Lithuania recently imposed a €30,000 fine on the payment services provider ValorPay after the company acknowledged violating regulatory laws. The central bank reported that ValorPay initiated the administrative agreement procedure itself, reflecting a willingness to cooperate with regulatory authorities. The payment institution recognizes the stated legal infringements and is proactively seeking to correct them to prevent recurrence in the future.

In addition to the fine, ValorPay has committed to submitting an audit report to the Bank of Lithuania that will confirm the resolution of the identified violations. This comes as part of the company's ongoing efforts to comply with regulatory expectations and maintain its operational integrity within the financial sector. The Bank of Lithuania's actions illustrate its commitment to enforcing compliance and ensuring accountability among financial institutions operating in Lithuania.

This recent penalty follows a previous fine of €12,000 issued to ValorPay by the central bank last October when the company failed to approve its annual financial report and profit or loss allocation decision after the fiscal year ended. As with the recent case, ValorPay acknowledged its shortcomings and worked with the Bank of Lithuania to resolve the matter. These instances highlight the importance of regulatory compliance in Lithuania's payment services sector and emphasize the Bank's role in overseeing financial institutions to protect clients and maintain market stability.