EGBA Files Complaint Against Walletto Over Illegal Gambling Payments
EGBA has lodged a complaint with Lithuania's central bank accusing Walletto of routing payments for illegal gambling sites.Summary
EGBA has lodged a complaint with Lithuania's central bank accusing Walletto of routing payments for illegal gambling sites. The complaint alleges that Walletto misclassified merchant categories, allowing illicit gambling operators to use mainstream card networks. EGBA says the issue is structural, with card schemes and the European Commission already involved. “Illegal operators flourish by exploiting legitimate financial channels and the mainstream payment networks that consumers rely on every day,” he said. The case comes amid EU enforcement pressure on Lithuania for AML compliance, and it highlights a regulatory gap that lets unlicensed operators thrive through payment intermediaries. If the Bank of Lithuania opens a supervisory process or card schemes impose remedial measures, it could signal a tightening of oversight for PSPs handling gambling transactions.
(Source：The Fintech Times)