Bank of Lithuania
Lietuviškai

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Relevance Date Question
Newcomer: Payments
6
13-09-2017 Which commercial bank a payment or e-money institution should choose for opening non-EUR payment accounts? Could you provide any recommendations?
7
13-09-2017 Under anti-money laundering rules, is it possible to onboard clients online (i.e. non-face-to-face client identification)?
2
13-09-2017 What kind of licence should we obtain if we want to open payment accounts (e-wallets)?
2
13-09-2017 A payment or e-money institution must provide evidence that the minimum size of the equity capital does not fall below the amount specified in the Law on Payment Institutions and the Law on Electronic Money and Electronic Money Institutions. What constitutes sufficient evidence?
3
13-09-2017 Can a payment or e-money institution refer to someone at the Bank of Lithuania in terms of ongoing assistance, advice, and documentation?
1
13-09-2017 What is the extent of a payment or e-money institution supervision in Lithuania? Can it be carried out remotely?
4
13-09-2017 What client fund safeguarding requirements apply to payment or e-money institutions?
1
13-09-2017 What audit, review and reporting requirements Lithuanian regulators apply to payment or e-money institutions?
1
13-09-2017 Are there any prescribed roles for the company manager of a payment or e-money institution? What is its level of authority?
1
13-09-2017 Can a corporate entity (from the financial sector) be part of the management board?
2
13-09-2017 What is the requirement for the size of own funds?
2
13-09-2017 What items comprise the initial capital of a payment or e-money institution?
2
13-09-2017 What is the minimum requirement for the number of people on site in terms of payment or e-money institutions? Are we required to base any of our directors in the Republic of Lithuania?
2
13-09-2017 In terms of e-money institution authorisation, are we required to provide the Articles of Association at the licensing stage if we have not yet set up an entity in the Republic of Lithuania?
3
13-09-2017 Does a payment or e-money institution have to be established and registered in the Republic of Lithuania?
4
13-09-2017 Which licensing and supervisory documents need to be submitted in Lithuanian?
Newcomer: Retail Investment
13-09-2017 Our brokerage firm wants to provide investment services related to binary options, CFDs (contract for difference) and Forex products. What will the Bank of Lithuania focus on when carrying out authorisation and supervision procedures?
1
13-09-2017 If a brokerage firm (category C) does not intend to safe-keep client funds, the initial capital requirement for such a firm is no less than EUR 50,000. Is the firm expected to hold additional funds?
13-09-2017 Are persons providing financial services to clients required to each get a brokerage licence or is the manager’s brokerage licence (i.e. a single financial broker’s license) enough?
1
13-09-2017 Can a corporate entity (from the financial sector) be part of the management board?
3
13-09-2017 What is the mandatory composition of the management of a financial brokerage firm?
Disputes between consumers and financial market participants
1
05-06-2020 In what cases can the Bank of Lithuania refuse to examine a dispute?
3
17-03-2017 What is the difference between a dispute and a complaint?
1
17-03-2017 Can a complaint to the court be submitted regarding the decision of the Bank of Lithuania?
1
17-03-2017 What decisions are made by the Bank of Lithuania regarding the dispute between a consumer and a financial market participant?
1
17-03-2017 How long does it take to investigate a dispute between a consumer and a financial market participant at the Bank of Lithuania?
1
17-03-2017 Is the investigation of disputes at the Bank of Lithuania public?
2
17-03-2017 Should you pay for the investigation of a dispute at the Bank of Lithuania?
1
17-03-2017 Is a consumer required to participate during the investigation of their dispute at the Bank of Lithuania?
1
17-03-2017 Where should a consumer apply to regarding the investigation of a dispute: to the court or to the Bank of Lithuania?
2
17-03-2017 To whom and at what address should the consumer submit all the required documents?
1
17-03-2017 What information and documents should a consumer submit for their dispute with a financial market participant to be investigated at the Bank of Lithuania?
2
17-03-2017 What is the term for applying to the Bank of Lithuania in relation to the investigation of the dispute if a customer received a negative (unsatisfactory) reply from a financial market participant?
3
17-03-2017 What actions should a consumer take when they are dissatisfied with the decision of a bank, insurance company or another financial market participant, with which they have concluded an agreement?
2
17-03-2017 What is an international consumer dispute?
6
17-03-2017 What disputes between consumers and financial market participants are investigated by the Bank of Lithuania?
13
17-03-2017 Who has the right to apply to the Bank of Lithuania regarding the investigation of a dispute between a consumer and a financial market participant ?
Prevention of money laundering and terrorist financing
Customer identification
2
17-02-2021 How should financial institutions verify a customer’s citizenship when using their driving licence for identification purposes? Is a driving licence issued in the United Kingdom, which is no longer part of the European Economic Area (EEA), a valid document for a customer’s identification?
1
01-04-2020 How can a financial market participant authenticate a customer in the physical presence of the customer if, at the beginning of the business relationship, the customer’s identity was established and verified upon receipt of their passport or identity card?
1
22-02-2019 Is it obligatory to check against public, reliable and independent sources for negative information that can impact the customer’s, its representative’s and beneficiary’s reputation (e.g. if a pre-trial investigation into the customer’s financial crimes is initiated, etc.) during customer identification and verification?
2
22-02-2019 Do paper versions of documents (e.g. copies of passports, shareholder registers and company’s articles of association, etc.) collected during customer identification have to be stored? Is it sufficient to store only electronic versions of the documents in the customer’s file, according to internal control procedures determined by the financial institution?
Beneficial owner identification
15-11-2020 Who should be considered the beneficial owner of various legal persons (e.g. in cases of unions or associations of multi-family apartment house owners or in case of a legal person undergoing bankruptcy procedures)?
4
28-06-2019 How should a market participant identify a beneficiary, if a legal person’s ownership structure includes company the securities of which are traded on a regulated market in the Member States of the European Union or other foreign countries and which is subject to disclosure requirements compliant with European Union legislation?
1
28-06-2019 How should a market participant identify a beneficiary, if the legal person’s ownership structure includes companies registered outside of the Republic of Lithuania?
1
28-06-2019 How to identify a beneficiary?
22-02-2019 What criteria should be used for selecting reliable and independent sources for the verification of information on customers and beneficial owners? Can you list examples of such sources?
Monitoring of business relationships
1
26-07-2018 When entering into a business relationship, is the customer always required to fill in a Know Your Customer (KYC) questionnaire? How detailed the questionnaire must be?
Other
1
22-02-2019 Can financial institutions wanting to install new technological solution to manage money laundering and terrorist financing (ML/TF) risks request the Bank of Lithuania (LB) to judge its acceptability and compliance with the requirements of the Law on the Prevention of Money Laundering and Terrorist Financing (hereinafter ‘the Law’) (in customer identification and verification, monitoring of financial operations and other stages)? If yes, can you briefly outline the procedure? If no, can you tell what other ways there are for the supervised entities to assess the applied technological solution’s compliance of with the Law and LB recommendations?
1
26-07-2018 While performing Ongoing Due Diligence on customer and beneficial owner, can financial market participant use data available in reliable external sources as the primary source? For example, data on the type of activity, management structure, manager (managers), beneficial owner, etc.
2
26-07-2018 What is the difference between the simplified customer due diligence case laid down in Article 9(4) of the Law on Money Laundering and Terrorist Financing (hereinafter – Law) and the case in Article 15(1)(7) of the Law?
2
26-07-2018 How frequently does information about the customer and the beneficial owner need to be updated?
Licencing. Credit and payments market
Banks and specialised banks
1
20-11-2018 Is a bank authorised to refuse to provide services to consumers or businesses?
4
20-11-2018 Is an institution that has obtained a banking licence in Lithuania obliged to provide banking services in Lithuania?
20-11-2018 Is a bank authorised to outsource part of its functions?
20-11-2018 Is a bank authorised to provide services in other EU Member States?
1
20-11-2018 Can the capital of the bank being established be formed from funds raised during an ICO?
20-11-2018 Is it necessary to form the capital of the bank being established prior to applying for a licence?
20-11-2018 Can I establish a payments bank?
1
20-11-2018 Is a specialised bank authorised to provide any financial services?
20-11-2018 Is the applicant obliged to submit a recovery plan?
20-11-2018 Can only citizens of the Republic of Lithuania who permanently reside in Lithuania become directors of a bank?
Payment institutions and electronic money institutions
12-01-2021 What are the main requirements on the implementation of the internal audit function in electronic money and payment institutions?
4
27-11-2018 Can an electronic money or payment institution established in Lithuania and having a branch in another Member State carry out its activities in the branch only?
2
27-11-2018 In which cases may an electronic money or payment institution licence be withdrawn?
1
27-11-2018 Can the same persons be shareholders of more than one electronic money or payment institution in Lithuania?
3
27-11-2018 Can the initial capital of an electronic money or payment institution be formed later, i.e. after the institution has started operating and obtained the relevant licence?
3
27-11-2018 Is a licenced electronic money or payment institution authorised to open a branch or to operate as a non-established institution in a non-Member State? Where can I find information regarding the applicable requirements?
2
27-11-2018 Is a licenced electronic money or payment institution authorised to provide ancillary services related to payment services?
6
27-11-2018 What are the requirements for the management body of an electronic money or payment institution?
27-11-2018 What is the difference between an electronic money or payment institution licence for restricted activity and a standard electronic money or payment institution licence?
27-11-2018 Is an entity being established required to provide its articles of association or draft articles of association when submitting an application for an electronic money or payment institution licence?
27-11-2018 Should the management body of an electronic money or payment institution reside in Lithuania (meaning that they are present on-site)?
27-11-2018 A payment or electronic money institution must provide evidence to show that its minimum initial capital is not lower than the amount that has been established by law. Which documents are considered as valid evidence regarding the initial capital amount?
20-11-2018 Are electronic money or payment institutions authorised to engage in activities related to virtual currencies and ICOs?
20-11-2018 Which licence should we obtain if we are planning to open payment accounts (electronic wallets)?
20-11-2018 Which documents a company has to submit to the Bank of Lithuania in order to be granted an electronic money or payment institution licence?
1
20-11-2018 Is an electronic money or payments institution obliged to have a supervisory board in place?
20-11-2018 Which main by-laws regulate the procedure for issuing (or replacing) an electronic money or payment institution licence?
20-11-2018 Can a legal entity being established apply for an electronic money or payment institution licence? What is the timeframe for registering a legal entity after the issuance of a licence?
Other credit and payments market participants
27-11-2018 Does the Bank of Lithuania provide sample copies of the responsible lending and borrowing rules, business model description, business continuity plan or other documents?
27-11-2018 Does a consumer credit provider have to inform the Bank of Lithuania about new dependent intermediaries of the consumer credit provider?
27-11-2018 Is a supervisory board member of a consumer credit provider or a peer-to-peer lending platform operator considered as the director of that provider or operator?
27-11-2018 Does an individual, a consumer credit provider, or a peer-to-peer lending platform operator aiming to acquire shares of a crowdfunding platform operator have to submit an application to approve of the acquisition if the share of the crowdfunding platform operator which they plan to acquire amounts to less than 20% of the voting rights and/or the initial capital?
27-11-2018 Dependent and independent credit intermediaries acting under the Law on Real Estate Related Credit are obliged to have a document which confirms the existence of professional indemnity insurance for their undertaking with a minimum monetary value of €460,000 for each individual claim and a total value of €750,000 for all claims for a calendar year. Do the legal acts provide for any exceptions as regards to the indemnity amount?
27-11-2018 Can a consumer credit provider submit an application to include it in the Public List of Consumer Credit Providers after the Bank of Lithuania has removed it from the list?
27-11-2018 If a consumer credit provider or a peer-to-peer lending platform operator has not conducted any activities for more than six months, does it have to submit an application to be removed from the list?
27-11-2018 Do legal acts provide for a consumer credit provider, a peer-to-peer lending platform operator, or a crowdfunding platform operator to carry out their activities in another Member State after being included in the list?
27-11-2018 Is a legal person who is aiming to be included in the Public List of Consumer Credit Providers or Peer-to-peer Lending Platform Operators obliged to have their head office in the Republic of Lithuania?
27-11-2018 Do I need to fill out any specific application to be included in the Public List of Independent Consumer Credit Intermediaries or Intermediaries Acting under the Law on Real Estate Related Credit?
Licencing. Questions regarding the formal requirements for documents submitted to the Bank of Lithuania
21-04-2022 What duties arise from the change of managers and shareholders of a financial market participant?
1
25-05-2021 In what languages should the documents be drafted to be accepted by the Bank of Lithuania?
25-05-2021 Do all the documents drafted and/or issued in a foreign country have to be legalised or certified with an Apostille?
1
25-05-2021 What information is required to justify the origin of funds?
4
13-11-2018 Should board members who are not employed by a financial market participant submit a questionnaire for the director or key function holders of the company?
3
13-11-2018 We are ready to submit an application for a licence or an application to be included in the public list, but the procedure of legalisation or confirming by APOSTILLE stamp has not been finalised for some of the documents drawn up (issued) by foreign authorities. Is it possible to submit the application to the Bank of Lithuania and to provide the missing documents later, during the process of examining the application?
3
13-11-2018 The Bank of Lithuania has returned the documents to the applicant due to the deficiencies in their form. Is it possible to re-submit the application?
2
13-11-2018 Do any deficiencies in the content of documents always result in a refusal of the Bank of Lithuania to issue a licence or to authorise inclusion in the public list?
1
13-11-2018 Can copies of documents submitted to the Bank of Lithuania be certified by a company director?
1
13-11-2018 Can I submit an application for authorisation to the Bank of Lithuania electronically? Do I need to sign the submitted documents with an e-signature?
Licencing. Insurance market
27-11-2018 What documents do I need to submit when applying for the issuance of the insurance activity licence?
27-11-2018 Are there any specific requirements for the name of an insurance undertaking?
27-11-2018 Which legal form and registration requirements apply to undertakings aiming to carry out insurance activities? Can an insurance activity licence be granted to a legal entity which has not yet been established (entered into the Register of Legal Entities)?
27-11-2018 Can an insurance undertaking transfer its licence to another undertaking which meets the requirements applicable to insurance undertakings?
27-11-2018 What are the requirements for persons holding managerial positions and shareholders of insurance undertakings?
27-11-2018 Which legal acts specify the requirements for an applicant aiming to be granted a licence to engage in insurance activities?
27-11-2018 What is the state levy for the issuance of an insurance activity licence?
27-11-2018 How long does it take to issue a licence to engage in insurance activity?
27-11-2018 Are the undertakings holding a reinsurance activity licence authorised to engage in any economic activity not associated with reinsurance activity?
27-11-2018 Are the undertakings holding a licence to engage in insurance activity authorised to engage in any other economic activity which is not associated with insurance activity?
27-11-2018 Is a reinsurance undertaking authorised to engage in insurance activities of any insurance class?
27-11-2018 Who has the right to engage in reinsurance activity in the Republic of Lithuania?
27-11-2018 What is reinsurance activity?
27-11-2018 Is an insurance undertaking authorised to engage in insurance activity of any insurance class?
27-11-2018 Is an undertaking which holds an insurance activity licence also authorised to provide services in other states?
27-11-2018 Who has the right to engage in insurance activities in the Republic of Lithuania?
27-11-2018 What is insurance activity?
Licencing. Market in financial instruments
27-11-2018 What is the definition of a 'good repute'?
27-11-2018 Should any state levy be paid for the issuance of a licence for a financial advisory company?
27-11-2018 What documents should be submitted to the Bank of Lithuania to be granted a licence of a financial advisor company?
27-11-2018 Which legal acts regulate the issuance of a licence for a financial advisory company?
1
27-11-2018 What documents should be submitted to the Bank of Lithuania to be granted a licence (authorisation) of a management company?
1
27-11-2018 Which legal acts regulate the issuance of a licence (authorisation) for a management company?
27-11-2018 Should any state levy be paid for the issuance of a licence (authorisation) for a management company?
27-11-2018 Should a person planning to temporary replace a director of a management company obtain the approval of the Bank of Lithuania?
27-11-2018 Is it required to obtain the approval of the Bank of Lithuania not to oppose the proposed acquisition in order to acquire a qualifying holding of a management company?
27-11-2018 Should a person planning to become a director of a management company obtain the approval of the Bank of Lithuania?
27-11-2018 What requirements are applicable to directors of a management company?
27-11-2018 What documents should be submitted to the Bank of Lithuania in order to be granted a licence of a financial brokerage firm?
1
27-11-2018 Which legal acts regulate the issuance of a licence for a financial brokerage firm?
27-11-2018 Should a financial brokerage firm pay any state levy for the issuance of a licence?
27-11-2018 Should a person planning to temporary replace a director of a financial brokerage firm obtain the approval of the Bank of Lithuania?
27-11-2018 Is it required to obtain the approval of the Bank of Lithuania not to oppose the proposed acquisition in order to acquire and manage a qualifying holding in a financial brokerage firm?
27-11-2018 Should a person planning to become a director of a financial brokerage firm obtain the approval of the Bank of Lithuania?
27-11-2018 What requirements are applicable to management body of financial brokerage firms?
Mokėjimo įstaigos ir elektroninių pinigų įstaigos
17-02-2022 Is it necessary to inform Lietuvos bankas about the contracts that were upgraded from unimportant to important?
Statistics
4
03-04-2017 Where can I find information on resident savings and investment?
4
03-04-2017 What is the institutional sector?
7
03-04-2017 What are financial accounts and how do they differ from financial accounts?
7
03-04-2017 Where can I find information on price indices, price developments, etc.?
2
03-04-2017 Where can I find information on interest rates in line with market prices?
1
03-04-2017 Where can I find information on the life assurance and non-life insurance market?
3
03-04-2017 Where can I find information on cash flows received by natural persons from abroad?
4
03-04-2017 Does the Bank of Lithuania prepare information on the export and import of services by country?
5
03-04-2017 Where can I find information on the investment results of companies managing pension funds?
6
03-04-2017 The Bank of Lithuania website publishes aggregate statistical data. Can I find individual data by each respondent, e.g. a bank?
Brexit
1
18-01-2021 Equivalence regime. What is the equivalence regime in financial services and is it applicable to the United Kingdom (UK)?
1
22-12-2020 Licensing of companies. What will change for the institutions that operate or intend to operate through an agent established in the United Kingdom (UK) after the end of the UK’s transition period for leaving the European Union (EU)?
2
21-12-2020 Securities prospectuses. How would the requirements to issuers that have the United Kingdom (UK) as their home Member State in accordance with the provisions of the Transparency Directive (2004/109/EC) change after the end of the Brexit transition period?
09-12-2020 Consumer Protection. Will deposit insurance be applied to the funds of the European Union (EU) consumers held in bank accounts opened in the United Kingdom (UK) after the end of the transition period of the UK’s exit from the EU?
11-11-2020 Payment services. Will it be possible to open an account for executing customer payments, i.e. not a safeguarding account, in the UK after Brexit?
11-11-2020 Payment services. Will intermediaries of electronic money or payment institutions be allowed to hold customer funds with a UK credit institution after Brexit (as of 1 January 2021)? If not, when would you recommend transferring customer funds to a safeguarding account opened on behalf of an electronic money or payment institution with an EU-based credit institution?
13-10-2020 Payment services. What changes of information provided in payment orders are expected from 1 January 2021, after the expiry of the transition period of the United Kingdom’s (UK) exit from the European Union (EU)?
1
19-08-2020 Following Brexit, will insurance contracts concluded between payment initiation (PISPs)/account information (AISPs) service providers and UK-based companies comply with the requirements for the activities of electronic money/payment institutions?
14-10-2019 Licensing of companies. Following Brexit, what operating regime will be applied to companies registered in the United Kingdom (UK) and intending to operate in the Republic of Lithuania?
14-10-2019 Licensing of companies. Is there a transitional period following Brexit set out in the legislation of the Republic of Lithuania?
14-10-2019 Licensing of companies. Following Brexit, what will be the applicable requirements for companies registered in the United Kingdom and seeking to establish a branch in the Republic of Lithuania?
14-10-2019 Licensing of companies. Will the process of application for a licence differ when there already is an operating branch of a United Kingdom company in the Republic of Lithuania, compared to establishing a new branch of a UK company?
14-10-2019 Licensing of companies. Will Brexit have any impact on purchasing products or outsourcing activities?
14-10-2019 Licensing of companies. Will there be a requirement to separately inform the supervisory authority about outsourcing services to companies established in the United Kingdom?
14-10-2019 Licensing of companies. A UK based company has established a branch in one of the European Union (EU) countries and is already providing or would like to provide its services in the Republic of Lithuania. In this case, is there a need to renew the application of service provision following Brexit? If so, what would be the procedure and how long would it take?
14-10-2019 Securities prospectuses. What would change in the requirements to the United Kingdom (UK) companies seeking to secure approval of their prospectus in Lithuania after the end of the UK’s transition period for leaving the European Union (EU)?
14-10-2019 Securities prospectuses. How would the validity of already approved cross-border securities prospectuses change after the end of the UK’s transition period for leaving the European Union (EU)?
14-10-2019 Management companies and investment funds. Will management companies that received their licences in the Republic of Lithuania be able to manage collective investment undertakings (investment funds, investment companies) established in the United Kingdom (UK) following Brexit? If so, under what conditions?
1
14-10-2019 Management companies and investment funds. Following Brexit, will management companies that received their licences in the Republic of Lithuania be able to market in the United Kingdom their managed and established in Lithuania collective investment undertaking (investment funds, investment companies) units? If so, under what conditions?
14-10-2019 Management companies and investment funds. Following Brexit, will it be possible to market in Lithuania the units of collective investment undertakings (CIUs) established in the United Kingdom (UK)? If so, under what conditions?
14-10-2019 Management companies and investment funds. Will management companies that received their licences in the United Kingdom (UK) be able to operate in Lithuania following Brexit? If so, under what conditions?
14-10-2019 Consumer protection. Following Brexit, what changes will persons who have contracts with financial service providers registered in the United Kingdom (UK) be facing?
14-10-2019 Consumer protection. Following Brexit, what will change in the complaint handling and dispute resolution procedures regarding financial service provision when one of the parties is a company registered in the United Kingdom (UK)?
Outsourcing of operational functions
17-02-2022 Is it necessary to inform Lietuvos bankas about the contracts that were upgraded from unimportant to important?
17-02-2022 Can the bank delegate its internal audit function to another person?
20-05-2021 Are data provision/receipt contracts (for example, with State Enterprise Centre of Registers, credit bureau Creditinfo Lietuva, UAB) attributed to outsourcing contracts?
2
19-03-2021 Can the functions for the performance of which an authorisation is needed be outsourced to a service provider established in a non-EEA state?
2
19-03-2021 Is the business model of an electronic money institution or a payment institution, whereby intermediaries act on behalf of FMPs in other EU states, considered as the outsourcing of operational functions under Resolution No 03-166 of the Board of the Bank of Lithuania of 10 November 2020 on the Approval of the Rules on the Outsourcing of Operational Functions of Financial Market Participants (hereinafter – the Resolution)?
2
19-03-2021 Is the participation of the FMP in the CENTROlink payment system via the Bank of Lithuania considered as the outsourcing of operational functions under Resolution No 03-166 of the Board of the Bank of Lithuania of 10 November 2020 on the Approval of the Rules on the Outsourcing of Operational Functions of Financial Market Participants (hereinafter – the Resolution)?
2
19-03-2021 Is the opening of a payment account in a credit institution, where an electronic money institution or a payment institution holds customer funds separately from the FMP or makes customer payments, considered as the outsourcing of operational functions under Resolution No 03-166 of the Board of the Bank of Lithuania of 10 November 2020 on the Approval of the Rules on the Outsourcing of Operational Functions of Financial Market Participants (hereinafter – the Resolution)?
2
19-03-2021 Is the outsourcing of the accounting function considered the outsourcing of an important function?
19-03-2021 Is it possible to delegate the control functions to other parties?
19-03-2021 Is the outsourcing of the compliance function considered as outsourcing of operational functions under Resolution No 03-166 of the Board of the Bank of Lithuania of 10 November 2020 on the Approval of the Rules on the Outsourcing of Operational Functions of Financial Market Participants (hereinafter – the Resolution) and, if yes, is it considered an important function?
19-03-2021 Does the Bank of Lithuania need to be informed in advance of the outsourcing of the internal audit functions of electronic money institutions and payment institutions?
19-03-2021 In case the contract for the outsourcing of operational functions had already been assessed by the Bank of Lithuania (i.e. prior to December 2020), does the FMP have to present the updated contracts for the outsourcing of important operational functions to the Bank of Lithuania once again in accordance with the requirements set in Resolution No 03-166 of the Board of the Bank of Lithuania of 10 November 2020 on the Approval of the Rules on the Outsourcing of Operational Functions of Financial Market Participants?
19-03-2021 The Bank of Lithuania needs to be informed in advance about the outsourcing of important operational functions. What functions are attributable to important operational functions?
Other
26-08-2021 When concluding a loan agreement secured by a surety and/or a guarantee, does a financial institution have a duty to apply to the surety provider and/or guarantor the same LPMLTF provisions as those applied to a customer (borrower)? Which moment should be considered as the moment of initiation of a business relationship with the surety provider and/or guarantor in the sense of Article 9(1)(1) of the LPMLTF?
1
24-02-2021 A Company provides only payment initiation services (hereinafter – PIS). When does it have the obligation to identify the customer (PIS user) and the beneficiary, and when can the exemption provided for by the AML/CFT law on simplified customer identification be applied?
28-06-2019 Is a customer whose relative is a politically exposed person should be treated as one as well?
1
22-02-2019 Is a financial institution required to check for the payee and/or the payee’s bank in the lists of applicable international sanctions at the time when a non-cash transfer operation is being performed within the SEPA area?
22-02-2019 Is a financial institution required to conduct verification of the payee and/or the payee’s bank regarding higher-risk factors (e.g. if the beneficiary is a PEP, the beneficiary is considered to be of poor reputation, a pre-trial investigation regarding financial crime has been initiated against the beneficiary) at the time when the financial institution’s customer (payer): - performs a non-cash transfer operation to the payee within the SEPA area; - performs a non-cash transfer operation to the payee outside the SEPA area; - performs a low-value non-cash transfer operation to the payee within/outside the SEPA area; - performs a high-value non-cash transfer operation to the payee within/outside the SEPA area;
22-02-2019 If all transactions (monetary operations) by a financial institution’s customers are executed through an account held with a credit institution, is it required to register customer operations amounting to or exceeding €15,000 in a separate register? Is it enough to store account statements with all customer transactions and mandatory data of monetary operations on a regular basis?
1
22-02-2019 What are the criteria for choosing the right tools for identifying and verifying the source of the customer’s funds and assets? Could you give examples of suitable information sources or documents?
22-02-2019 Is it not necessary to require customers to provide their representative’s identity document and documents confirming registration of the legal entity, as well as data on the beneficiary and the management structure, when applying simplified customer (legal entity) due diligence?
1
22-02-2019 Which reliable sources are recommended for verifying information provided by the customer regarding politically exposed persons (hereinafter ‘PEP’)?
22-02-2019 Must paper and/or electronic versions of the results of customer screening performed by persons responsible (e.g. search on the Internet or in relevant databases, etc.), customer risk assessment and other information related with meeting the requirements of the Law be stored?
2
22-02-2019 When identifying the beneficiary, is it necessary to receive an identity document copy from the beneficiary (natural person)? Is it sufficient to request from the customer only obligatory data as regards the beneficiary?
1
22-02-2019 When identifying the customer (legal person) in its (its representative’s) physical presence, is it necessary to acquire the paper versions of the documents identifying the legal person or proving its representative’s authorisation, or is it sufficient to receive them by email or in other electronic form from the customer’s representative?
3
26-07-2018 Upon expiry of the identity document obtained in the beginning of the business relationship and in physical presence of the customer, can financial market participant update the identification data of the customer and the customer’s identity document data relying on data available in reliable sources, e.g. the Population Register?
3
26-07-2018 When performing Ongoing Due Diligence regarding the purpose and intended nature of the customer’s business relationships (e.g. cash operations, international transfers, etc.), can financial market participant as a primary source use customer’s transaction history?
2
26-07-2018 When applying simplified customer due diligence, to which extent should customer’s data be collected?
1
26-07-2018 In what cases is simplified customer due diligence allowed?
26-07-2018 What the position of senior manager referred to in Article 2(23) of the Law on the Prevention of Money Laundering and Terrorist Financing (hereinafter – Law) should entail?
Last update: 21-04-2022