Electronic money and payment institutions to provide more information
The Board of the Bank of Lithuania approved two descriptions of procedures for electronic money and payment institutions indicating what reports on their activities they are required to prepare and submit to the Bank of Lithuania for supervisory purposes and deadlines for their submission. Furthermore, nine forms of financial and activity reports and six forms of reports intended for supervision of implementation of measures for prevention of money laundering and/or terrorist financing were approved as well.
The new financial and activity reports will help to control the implementation of requirements on separation of funds in electronic money and payment institutions, provide quicker assessment of risks to institutions’ business continuity. Data on complaints received will allow focusing on service provision shortcomings. Data on loans and services provided will allow to assess if the institutions follow the business model declared during licensing and discern the nature of risks for institutions and their clients. Data from reports intended for supervision of implementation of measures for prevention of money laundering and/or terrorist financing will be used for assessment of money laundering risk. These reports allow for standardised provision of information, thus the Bank of Lithuania will no longer collect data from institutions via questionnaires.
The majority of reports submitted to the Bank of Lithuania will have to be compiled for Q1 2019 and subsequent periods and some will encompass other periods. Financial and other reports for supervisory purposes for Q4 2018 reporting period will have to be submitted to the Bank of Lithuania in accordance with the provisions valid up to now.