Requirements for providing electronic money institution services in Lithuania
Electronic money institution in Lithuania shall receive a license according to the provisions of the Law on Electronic Money and Electronic Money Institutions.
Application to Central Bank of the Republic of Lithuania
The license is issued by the Central Bank of the Republic of Lithuania. The applicant shall provide the following information/documents:
- Articles of Association;
- Program of activities;
- Business plan, including budget plan of first three financial years that shall prove that the electronic money institution can operate properly and applies proper systems, procedures and resources of internal control;
- Documents proving that the capital owned by the applicant is not less than 350 000 EUR;
- Description of measures taken (to be taken) to protect funds of electronic money holders and if payment services without the issuance of electronic money are provided, the description of measures taken (to be taken) to protect the funds of electronic payment service users;
- Description of systems and procedures of internal control, including administrations, risk management and accounting systems;
- Internal control system which will be implemented in order to perform obligations indicated in the Law on Money Laundering and Terrorist financing and EU directive No. 1781/2006;
- Description of organizational structure, including branches, intermediaries, natural or legal persons which will distribute or buy out electronic money and any other persons which will be delegated to carry out the functions of the electronic money institution (the applicant);
- Data which shall be used to determine the identity of the persons which have a qualified part of the share capital and (or) voting rights of the electronic money institution, as well as data proving that the above mentioned persons are reliable and do not pose risk to the management of the electronic money institution;
- The data proving the qualification and experience of the persons responsible for management of the electronic money institution;
- Data of the auditor that will perform audit of the electronic money institution;
- Information regarding the legal address of the electronic money institution.
The license gives the right to issue electronic money and perform payment operations to the electronic money institution. Electronic money institution shall be registered in the Commercial Register of the Republic of Lithuania.
Gunda Leite, attorney at law of the Gencs Valters Law Firm in Riga.
Practising in fields of Electronic Money and Electronic Money Institutions Law in Latvia, Estonia, Lithuania
T: +371 67 24 00 90
F: +371 67 24 00 91