Central Bank of Montenegro revokes Alta Pay Group's payment authorisation
The Central Bank says Alta Pay Group DOO Podgorica no longer meets legal conditions for providing payment services, but financial stability is not at risk.
The Council of the Central Bank of Montenegro has revoked the authorisation to provide payment services held by the payment institution Alta Pay Group DOO Podgorica, the regulator announced today.
Regulator cites failure to meet legal requirements
The decision follows a comprehensive assessment of regulatory requirements, including the suitability of the owner with qualified participation and the conditions needed for stable, secure and lawful operations. The Central Bank determined that the company no longer meets the statutory conditions for this activity.
The regulator emphasised that Alta Pay Group is not a bank and does not accept deposits from citizens or companies. It said the revocation does not endanger financial stability nor the regular functioning of Montenegro’s payment system.
The Central Bank also stated that it had taken timely measures to ensure the orderly fulfilment of the company's obligations and to protect users' interests.
Citizens and businesses were reassured that they can continue to use payment services provided by banks and other authorised providers in Montenegro without interruption.
Photo: Engraving published in Rear Admiral Henry Walke's "Naval Scenes and Reminiscences of the Civil War in the United States" / Wikimedia Commons (Public domain)
