Bank of Lithuania

Inclusion of currency exchange operators in the public list

The Republic of Lithuania Law on Currency Exchange Operators defines a currency exchange operator as a legal entity established in the Republic of Lithuania, a subdivision of a legal entity or of another organisation established in a foreign country managing a currency exchange office (offices), or a financial undertaking established in a European Economic Area country, which provides currency exchange services without establishing a subdivision in the Republic of Lithuania, entered on the list of currency exchange operators according to the procedure established by this Law. A currency exchange office is understood as a place, meeting the requirements of the Law, where currency exchange is carried out, and currency exchange – as purchasing and/or sale of foreign currency in cash.

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Documents and information to be submitted to the Bank of Lithuania

A person other than a person set forth in Article 9(1) of the Law, when applying for inclusion in the list of currency exchange operators, must submit to the supervisory authority the following:

  • an application, in the form established by the supervisory authority (Annex to the Rules of Administration of the List of Currency Exchange Operators, approved by Resolution No 03-195 of the Board of the Bank of Lithuania of 21 October 2014 on Approval of the Rules of Administration of the List of Currency Exchange Operators), to include in the List of Currency Exchange Operators, specifying in this List, inter alia, information about the person (name, address of registered office, code, if available);
  • if the application is filed by a financial undertaking of a foreign state, a statement from the register in this this foreign undertaking is registered, providing information about the person;
  • information about the person’s participants with a qualifying holding in the authorised capital and/or voting rights, laid down in Article 4 of the Law, and documentary proof that a person’s participant with a qualifying holding in the authorised capital and/or voting rights meets the requirements laid down in Article 4 of the Law;
  • information about the person’s heads, specified in Article 3(4) of the Law, and documentary proof that the head (heads) meet the requirements laid down in Article 5(1) of the Law;
  • a description of the internal control system that will be implemented in order to perform the duties related to money laundering and terrorist financing prevention under the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing.

Levy for entering on the list

Prior to applying for being entered on the Public List of Currency Exchange Operators it is necessary to pay into the account of the State Tax Inspectorate (STI) a state levy for entering on the List, which is currently EUR 149 (the amounts of levies are fixed according to Resolution of the Government of the Republic of Lithuania No 1458 of 15 December 20001).

The procedure for the generation of online banking orders into the income collection accounts of the STI and the numbers of income collection accounts are available on the website of the STI.

 

1 – Available only in Lithuanian.


Requirements for Heads

The Head of a currency exchange operator shall be the Head of the administration of the currency exchange operator, its Deputy Mead, Member of the Board (if available) and a person responsible for the activities of the currency exchange operator (Head of a structural unit), if the currency exchange operator, in addition to currency exchange, is concurrently engaged in other activities.

A person, found guilty of committing a crime or a criminal offence related to money laundering or terrorist financing, a serious, very serious crime or offence or a criminal offence with respect to property, property rights and property interests, the economy and business practice, the financial system or equivalent criminal deeds under the criminal legislation of other countries, if their conviction has not expired, cannot be the Head of a currency exchange operator (Article 5(1) of the Republic of Lithuania Law on Currency Exchange Operators).

A currency exchange operator shall notify the supervisory authority of the projected replacement of the currency exchange operator and concurrently submit information, established by the supervisory authority, necessary for assessing whether the new currency exchange operator meets the above-named requirements.

To obtain non-objection by the Bank of Lithuania to a nominee for a currency exchange operator, the following documents shall be submitted to the Bank of Lithuania:

  • a notification of the replacement of the Head;
  • a questionnaire filled in by the person applying for the position of Currency Exchange Operator, completed according to the form established in the Annex to the Description of Procedures for the Submission of Information on the Managers of Currency Exchange Operators to the Bank of Lithuania, approved by Resolution No 03-197 of the Bank of Lithuania of 21 October 2014 on the Approval of the Description of Procedures for the Submission of Information on the Managers of Currency Exchange Operators to the Bank of Lithuania;
  • documentary proof that the Head of a currency exchange operator meets the requirements laid down Article 5(1) of the Republic of Lithuania Law on Currency Exchange Operators;
  • document evidencing the person’s identity.

A new Head of a currency exchange operator can only take up office if the supervisory authority does not object to the nominee for the Head of the currency exchange operator.


Requirements for participants of a currency exchange operator with a qualifying holding in the authorised capital and/or voting rights

Only a person whose identity or legal registration has been substantiated by relevant documents can be a participant of a currency exchange operator with a qualifying holding in the authorised capital and/or voting rights.

A natural person, found guilty for committing a crime or a criminal offence related to money laundering or terrorist financing, a serious, very serious crime or a crime or a criminal offence with respect to property, property rights and property interests, the economy and business practice, the financial system or equivalent criminal deeds under the criminal legislation of other countries, if their conviction has not expired, cannot be a participant of a currency exchange operator with a qualifying holding in the authorised capital and/or voting rights.

If the qualifying holding in the authorised capital and/or voting rights of a currency exchange operator is with a legal person, the above-named requirements shall apply to the members of the legal person’s bodies other than the members’ meeting.


Statutory timeframe

The supervisory authority shall examine the person’s application for inclusion in the List of Currency Exchange Operators, information and documents, and take a decision on the person’s inclusion or non-inclusion in the List of Currency Exchange Operators no later than within 30 calendar days of the receipt of the application and of all documents and information.

Where doubts arise during the examination of the application for inclusion in the List of Currency Exchange Operators, the supervisory authority shall have the right to request the person in writing to submit further information or documents, to correct or eliminate the deficiencies identified. In such a case, the supervisory authority shall take a decision on the inclusion or non-inclusion of the person in the List of Currency Exchange Operators no later than within 30 calendar days of the receipt of further information or documents.

By a motivated decision of the supervisory authority this time limit can be extended, but for no more than 30 calendar days.


Laws and legal acts regulating inclusion of currency exchange operators in the public list and their activities

 

1 – Lithuanian consolidated version valid as of 1 November 2016. English version last amended on 14 October 2014.

2 – Lithuanian consolidated version valid as of 1 March–30 June 2017. English version last amended on 12 March 2015.

3 – Lithuanian consolidated version valid as of 1 January 2015. English version last amended on 1 January 2015.

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Last update: 28-08-2019