Juridicon lawyer's comments to PaymentsCompliance

2015-09-30 13:00
Legal news

The Bank of Lithuania penalised AB DNB Bankas, a member of Norway's largest financial services group, for soliciting clients to pay unjustly high fees on several cross-border transfers.

Some imposed fees were as much as 25 times higher than required, the central bank said.

EU regulations stipulate a tariff no higher than the one correspoding to internal national payments be applied to such transfer in the European Economic Area (EEA), which covers the EU plus Iceland, Liectenstein and Norway.

When a bank in another EEA country is not connected to the Single Euro Payments Area (SEPA) and is unable to accept SEPA transfers, AB DNB Bankas charged transfer fees much higher than for international payments.

Laimonas Marcinkevicius, managing partner of Juridicon Law Firm commented regarding this situation to PaymentsCompliance, London-based global payments industry publication.

Jurididicon clients can read full article of Paula Munteanu here.