The marketing headline of the Lithuanian paytech Kevin is “The payments reset no one saw coming,” seems to have have come true in reality. The Bank of Lithuania stopped Kevin’s ability to onboard new customers due to Kevin‘s repeated failures to meet essential regulatory requirements, particularly in the areas of financial transparency, capital adequacy, and internal controls.
Regulatory Non-Compliance Issues
Kevin has not been able to submit its audited annual accounts for almost four months overdue. The company has been postponing the submission deadline and has failed to give the auditors required information. This lack of compliance raises serious concerns about the company’s operational stability and the safety of consumer interests.
Regulatory Actions
The Bank of Lithuania has appointed a temporary representative to supervise Kevin. This independent supervisor is tasked will oversee if the company’s operations and ensure that Kevin addresses its compliance issues and adheres to regulatory standards. Additionally, specific business restrictions have been applied to safeguard the interests of consumers and ensure the sound operation of the company.
Kevin.
The halt on new customer onboarding is a huge challenge for Kevin. The company must prioritize correcting its regulatory issues so as to rebuild the trust regulators and customers.
