Financial Services, Legislation, Lithuania, Loan
International Internet Magazine. Baltic States news & analytics
Tuesday, 22.07.2025, 08:12
CEO of IPF Digital Lithuania faces EUR 10,000 fine
BC, Tallinn, 11.01.2016.
Print version
Print versionRain Sepp, CEO of Estonian-owned consumer loan provider IPF Digital Lietuva (formerly MCB Finance), which owns the brands Credit24 and Sving, may be fined 10,000 euros, reported BNS/LETA.
 |
|---|
As established by the Financial Crime Investigation Service (FNTT), the company provides loans to online applicants without their due identification.
“It has been established that the files of customers, who have signed loan contracts online and who have not been physically present for identification purposes and have transferred 1 cent instead, do not contains copies of documents certifying the identity of such persons,” the FNTT said in a press release.
Such a sanction – of up to 10,000 euros – can only be imposed by court.
Last September, the central Bank of Lithuania fined IPF Digital Lietuva 17,400 euros for improper evaluation of solvency and lending money to a jobless person.
«The Baltic Course» Is Sold and Stays in Business!
