The Central Bank of Montenegro (CBCG) revoked Alta Pay Group DOO Podgorica’s authorization to provide payment services after proceedings established that the institution no longer met the statutory conditions for the activity. The CBCG said the decision poses no risk to Montenegro’s financial stability and does not affect the normal functioning of the payment system. The revocation, adopted under the Payment System Law, followed a compliance assessment covering the eligibility of the holder of a qualifying holding and requirements for stable, secure and lawful operations. The CBCG also took measures within its remit to ensure the institution fulfills its obligations and to protect clients’ interests. Alta Pay Group is not a bank and does not accept deposits from individuals or businesses. Banks and other authorized payment service providers remain available without disruption.
Central Bank of Montenegro revokes Alta Pay Group’s authorization to provide payment services
The Central Bank of Montenegro revoked Alta Pay Group DOO Podgorica’s payment services authorization because it no longer met statutory conditions. The compliance assessment included qualifying holding eligibility and operational requirements. The central bank said the decision poses no financial stability risk and that payment services through banks and other authorized providers continue without disruption.