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  "documentTitle": "dLocal (DLO)",
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      "text": "DLO has one of the most extensive catalogs of governance shortcomings we can recall, creating opportunities for impropriety. Its backend processes are highly manual (i.e., spreadsheets), its regulated Malta subsidiary has breached Malta Tier 1 capital requirements two years in a row, DLO appears to be dodging regulation by the FCA, its auditor choices are highly questionable — especially for its two key UK subsidiaries which share their audit partner with several AstroPay subsidiaries and affiliates — and DLO’s relationship and entanglements with its former parent AstroPay are troubling.",
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