The payment institution saw it licence cancelled due to major AML concerns and having failed to address the widespread issues regarding their AML/CTF/KYC shortcomings.
The issues continued regardless the number of fines and sanctions to prompt compliance as per the supervisors statement.
In the statement of acknowledgment, GFC Good Finance Company AS, noted having lost their operating licence and engaged to reimburse payments received after May 27th 2019.
This is the second institution loosing its licence in Estonia this very year due to lack of compliance (Danske bank Estonia did it back. in February).
