The central bank said the company was "taking measures to eliminate the violations" but did not expand on either the precise nature of the violations, when they occured, nor the remedial action being taken.
However, Latvijas Banka said it has "instructed SIA Transact Pro to make appropriate changes to the internal control system within three months from the day of taking the decision by reviewing the processes of the management information system to ensure more effective planning of own funds (sic)."
TransactPro describes itself as a"Fully in-House payment service provider for your business since 2004. Providing online payment acceptance and processing services as well as debit card issuance services for corporate customers."
The company makes no mention of its warning on its corporate website, but on the same day the central bank announced its decision, September 16, Transact Pro said it had increased its paid capital to EUR 1,626,000.00, "following a fully paid increase of EUR 626,000.00 earlier this year."
Maxim Yaroshewsky, CEO of Transact Pro, stated: "The increase in capital was necessary to ensure capital compliance with the requirements of the Law on Payment Services and Electronic Money, to finance the completion of new product development and infrastructure update and entry into new markets. We are happy to have completed the development and testing of the new products, as well as the delivery to customers."
