These days we are coordinating our processes with the Regulator. Some more updates will come shortly.
2019.10.24 Mistertango received an audit report from the Regulator (Bank of Lithuania), saying that only low-risk clients are able to onboard and operate their accounts, and for higher-risk clients’ temporary restrictions to access payment services must be applied. Such a situation will remain until the separate Regulator’s allowance to cancel restrictions.
The abovementioned planned audit was carried out at the beginning of Y2019. The audit scope was roughly for Y2018. During Y2019 such audits were performed to other major commercial banks and financial institutions too.
2019.10.25 Restrictions to send/receive payment transfers were technically applied to higher-risk clients. Action plan to resolve the present situation was initiated immediately.
Also, some clients will be asked to update their Know Your Client (KYC) application, some clients will be asked to re-onboard as current accounts will be terminated. Separate messages will reach particular clients respectively.
2019.10.27 On Sunday Mistertango team started to proceed accordingly to the action plan prepared.
2019.10.29 By Tuesday necessary actions have been completed and an independent external audit company has been invited to double-check the progress of final steps.
It is important to mention that Mistertango was improving internal processes during the whole year and these improvements were constantly checked by the audit company.
2019.10.30 Final check by the independent external audit company. Mistertango was audited whether necessary actions were completed accordingly to the Regulator’s report.
2019.10.31 We have received an external audit company’s report saying that all red-flagged matters were resolved and necessary actions implemented correctly. The report was immediately shared with the Regulator.
2019.11.05 Mistertango is having a dedicated meeting with the Regulator to elaborate on the current status. We have done our best to get back payment services in action for all our clients as soon as possible.
2019.12.27 Additional proving documentation was asked by the Regulator. Mistertango is preparing necessary answers to be shared within the upcoming week.