Ongoing Regulatory Obligations

Ongoing regulatory obligations for Electronic Money Institutions (EMIs) in Lithuania encompass various requirements aimed at ensuring compliance, transparency, and financial stability. Here’s an overview of these continuous regulatory obligations:

Reporting and Documentation:

Submit regular reports to the regulatory authorities, including financial statements, transaction reports, and other required documentation.
Maintain accurate records and documentation related to customer transactions, AML/KYC procedures, and compliance activities.

Anti-Money Laundering (AML) and Know Your Customer (KYC):

Continuously adhere to AML and KYC procedures to prevent money laundering, terrorist financing, and other illicit activities.
Monitor customer transactions for suspicious activity and report any anomalies or red flags to the relevant authorities.

Capital Adequacy:

Monitor and maintain the minimum capital requirements specified by the regulatory authority, ensuring that adequate capital reserves are available to cover operational risks and maintain financial stability.

Consumer Protection:

Ensure that your EMI’s practices and policies protect the rights and interests of customers.
Maintain transparent pricing, clear terms and conditions, and effective mechanisms for handling customer complaints.

Payment Services:

Continue to comply with the Payment Services Directive (PSD) and related EU directives.
Ensure that your payment services, including electronic money issuance and payment processing, meet the regulatory standards set by the PSD.

Cybersecurity:

Maintain robust cybersecurity measures to protect customer data and transactions.
Regularly update security protocols and conduct security audits to guard against cyber threats.

Regulatory Updates:

Stay informed about changes in Lithuanian and EU regulations, particularly those related to electronic money and payment services.
Adapt your policies and procedures to remain compliant with evolving regulatory standards.