Electronic money institution license in Lithuania | EMI license in Lithuania | E-money license in Lithuania
In this article, we look at the process of becoming an electronic money institution (EMI) in Lithuania.
In Lithuania, The Bank of Lithuania is the financial regulator for regulating electronic money institutions. If you wish to become an electronic money institution in Lithuania then you must prepare and submit an electronic money institution application in Lithuania to the Bank of Lithuania.
If you wish to obtain an electronic money institution license in Lithuania and issue electronic money services, such as prepaid cards or electronic wallets, you will require an Authorised Electronic Money Institution license from the Bank of Lithuania.
When seeking an electronic money institution license in Lithuania, planning is key. It is important that you match the financial service you intend to provide with Bank of Lithuania's list of regulated activities.
Another important thing you must do before making an application for an electronic money institution in Lithuania is to ensure you meet the regulator's conditions. For example, you will need to ensure that your management and people such as directors, must be located in Lithuania. You will need to demonstrate through your application that you have appropriate resources to operate your business. This includes having sufficient financial, management, staff, and systems to manage your business.
The Bank of Lithuania expects firms to meet a range of requirements before it allows them to provide regulated financial services as an electronic money institution in Lithuania. When an applicant firm submits an application seeking authorisation, the Bank of Lithuania reviews their business plans, risks, budget, resources, systems, controls and its people.
Initial Capital Requirement
Authorised EMIs are subject to capital requirements (EUR 350k), safeguarding and conduct of business rules. Electronic money institutions in Lithuania may also passport in Europe (EEA), which enables them to operate in other European countries without requiring additional licenses or operational/physical setup. Electronic money institutions in Lithuania may also provide payment services that are not related to issuing e-money (unrelated payment services).
Services an Electronic Money Institution in Lithuania can provide
- Issuing of electronic money e.g. prepaid cards and electronic wallets. - services enabling cash to be placed on a payment account and all the operations required for operating a payment account; - services enabling cash withdrawals from a payment account and all of the operations required for operating a payment account; - the execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider, including, execution of direct debits, including one-off direct debits;
- execution of payment transactions through a payment card or a similar device; execution of credit transfers, including standing orders; - the execution of payment transactions where the funds are covered by a credit line for a payment service user, including, execution of direct debits, including one-off direct debits; execution of payment transactions through a payment card or a similar device; execution of credit transfers, including standing orders; - issuing payment instruments or acquiring payment transactions; - money remittance; - payment initiation services; - account information services.
Making an Application for an electronic money institution (e-money) license in Lithuania
We will initially spend time with you and discuss your suitability, including assessing your business plan, resources and operations. As part of your application, you will be required to submit a number of documents, policies and procedures, including the following:
Programme of operations
Initial capital - The level of initial capital required is at least €350,000. You will need to evidence that you have such capital already in place or provide satisfactory evidence that it will be in place prior to authorisation.
Governance arrangements, internal controls, risk management, and money-laundering controls
Qualifying holdings (shareholders)
As part of our service, we will prepare the above documents, policies and procedures as part of your application.
How long does it take?
The Bank of Lithuania must make a decision within three months of receiving a complete application. In reality, it takes around 4 months to obtain the electronic money institution license in Lithuania.
Buckingham Capital Consulting is a leading international consulting firm, specialising in payment services, electronic money, banking and investment services. We are able to advise you on the best course of action and strategy based upon your business plan and financial product or service. We can help you with licencing, compliance, operational setup and related services, including, obtaining banking facilities. For more information, visit our website on www.buckinghamcapitalconsulting.com
Call us today on 020 7866 2512 or 0800 689 0501. Alternatively, please send an email to email@example.com to arrange a telephone call or to discuss your requirements and plan. We are also able to arrange calls or conference calls using Skype. Our Skype ID is BCC54321. If you wish, we can arrange a meeting at one of our offices.
#EMI #emoney #electronicmoney #ewallet #ewallet #electronicmoneylithuanialicence #emilicencelithuania #electronicmoneyinstitutionlicence #bitcoinlicence #emoneylicense #emoneylicence #applytobecomeemoneylicence #electronicmoneydirective