The UK's Financial Conduct Authority (FCA) has decided to remove the transitional mandate of UAB Best Finance as a payment service after the mandate of the Bank of Lithuania (BOL), the country's authority, was removed.。

UAB Best Finance is the BOL Authorised Payment Service of the Central Bank of Lithuania and Financial Services Regulator。

On 27 November 2020, UAB Best Finance filed a TPR notification form informing the Supervisory Authority of its intention to join the TPR.。As of January 2021, the Authority considers UAB Best Finance to be the authority granted transitional authority in the UK after the end of the EU transition period on 31 December 2020.。

On October 31, 2022, the Bank of England announced an inspection of UAB Best Finance that found systemic irregularities in its efforts to prevent money laundering and terrorist financing.。The notice further states that BOL revoked UAB Best Finance's payment agency licence following an application by UAB Best Finance。

Although the Federal Monetary Authority has tried to communicate with UAB Best Finance to obtain its voluntary cancellation of UAB Best Finance's transitional authorization, to date, UAB Best Finance has not responded to the Authority's letter and has not voluntarily applied to cancel its transitional authorization.。

UAB Best Finance also failed to refer the matter to the Tribunal within 28 days from the date of receipt of the Notice of Decision。As a result, the Authority has removed UAB Best Finance's transitional mandate。