FAQ

Question
Newcomer: Payments
How must a payment service provider (PSP) handle and respond to your complaint?
Which commercial bank a payment or e-money institution should choose for opening non-EUR payment accounts? Could you provide any recommendations?
Under anti-money laundering rules, is it possible to onboard clients online (i.e. non-face-to-face client identification)?
What kind of licence should we obtain if we want to open payment accounts (e-wallets)?
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?
Can a payment or e-money institution refer to someone at the Bank of Lithuania in terms of ongoing assistance, advice, and documentation?
What is the extent of a payment or e-money institution supervision in Lithuania? Can it be carried out remotely?
What client fund safeguarding requirements apply to payment or e-money institutions?
What audit, review and reporting requirements Lithuanian regulators apply to payment or e-money institutions?
Are there any prescribed roles for the company manager of a payment or e-money institution? What is its level of authority?
Can a corporate entity (from the financial sector) be part of the management board?
What is the requirement for the size of own funds?
What items comprise the initial capital of a payment or e-money institution?
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?
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?
Does a payment or e-money institution have to be established and registered in the Republic of Lithuania?
Which licensing and supervisory documents need to be submitted in Lithuanian?