The High-risk payment processor MuchBetter recently stopped most provided services for EEA residents. The service disruption came just days after the Bank of Lithuania ordered PayrNet UAB to stop onboarding new clients on allegations of “severe and systematic violations of the Law on Prevention of Money Laundering and Terrorist Financing.”The regulator also ordered to stop the provision of services through the company’s agent UAB MIR Lithuania d/b/a MuchBetter, which may have caused the service disruption.
After assessing the nature, extent, and other possible violations, the Bank of Lithuania applied to the court and received permission to oblige PayrNet to stop onboarding new clients. The regulator also ordered stopping the provision of services through its agent MIR Lithuania d/b/a MuchBetter.
MuchBetter announced the interruption of services for EEA customers via Twitter as early as February 10, 2023, but did not provide any further information. Since then, therefore, complaints about problems with MuchBetter have accumulated over the past 13 days. Allegedly, however, customers in the UK are not or less affected. These are serviced by MIR Limited UK Ltd.
PayrNet is part of the British Railsr (formerly Railsbank) group. Railsr previously acquired the assets of the UK arm of Wirecard, the German financial technology giant which collapsed in 2020 in one of Europe’s biggest accounting scandals.