Posted on Tuesday May 28th, 2019 by Ragnar Sepp

License of payment agent GFC was revoked

GFC Good Finance Company AS closes its activity due to the cancellation of the license of the company, according to the decision of the Board of the Estonian Finantsinspektsioon nr. 4.1-1/70 on 27th of May 2019.

Based on the information provided by Finantsinspektsioon the main reasons to revoke the license are insufficient KYC (know your client) measures allowing high money-laundering risks to be present. And also suspiciously fast growth of company business volume (including rapid growth of operating turnover).

Management of GFC Good Finance Company AS informed that the company possesses enough funds to return all money to all of its clients and that the process of paying money back will start at the closest time.

GFC Good Finance Company AS is Estonian payment agent which proposed to its clients (including non-resident companies and Estonian companies with non-residents) services of payment account and transfers with other payment systems and banks.

GFC was connected to SEPA, SWIFT and proposed payment accounts in IBAN zone EE.