Acquiring a Payment Institution License in Lithuania is a vital step for businesses looking to operate in the digital payments and fintech sector. Below is a comprehensive guide to help navigate through this process:
The Bank of Lithuania is the primary regulatory body overseeing Payment Institutions in Lithuania.
Engage with the Bank of Lithuania early in the process to understand the requirements and expectations.
Submit a formal application along with all required documents to the Bank of Lithuania.
The application should include details about your business model, target market, and operational plans.
Minimum Capital Requirements:
Ensure that your business meets the minimum capital requirements set by the regulatory authorities.
Show that your business has the operational capabilities to handle payment services securely and efficiently.
Implement robust IT systems, cybersecurity measures, and risk management practices.
Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Compliance:
Develop and implement stringent AML and CTF policies and procedures.
Ensure ongoing monitoring and reporting of suspicious activities.
Put in place mechanisms to protect consumers, including transparent fee structures and customer support channels.