Compliance Requirements for EMI License Holders in Lithuania

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Operating as an Electronic Money Institution (EMI) License owner in Lithuania requires strict devotion to compliance necessities. In this article, we will discuss the key agreement obligations and regulatory necessities that EMI License holders in Lithuania must answer.

Compliance with AML and KYC Regulations

EMI License holders in Lithuania must implement strong anti-services laundering (AML) policies and procedures.
Conduct all-encompassing know-your-customer (KYC) due alertness, including client identification, verification, and continuous monitoring.

Risk Management and Internal Controls

  • Establish comprehensive risk administration frameworks to recognize, assess, and mitigate risks guide money laundering, fraud, and additional financial atrocities.
  • Implement internal controls, including undertaking monitoring orders and employee training programs.

Reporting and Record-keeping Obligations

  • Maintain correct and up-to-date records of financial undertakings, customer dossier, and compliance measures.
  • Submit regular reports to the Bank of Lithuania, containing financial statements, undertaking reports, and statistical news.

Data Protection and Privacy

  • Ensure compliance with dossier protection and solitude regulations, safeguarding consumer information and maintaining appropriate protection measures.
  • Obtain customer consent for the group, storage, and processing of private data.

Outsourcing and Third-Party Relationships

  • EMI License holders must organize proper due vigor and risk management processes when engaging in sourcing arrangements or entering into friendships with triennial-party service providers.
  • Regularly evaluate the compliance and safety measures of third parties to guarantee ongoing compliance accompanying regulatory necessities.
  • Submit regular reports to the Bank of Lithuania, including fiscal statements, transaction reports, and mathematical information.

Conclusion

Compliance accompanying regulatory obligations is critical for EMI License holders in Lithuania. By implementing healthy AML and KYC procedures, confirming effective risk management foundations, and fulfilling newsgathering and record-keeping obligations, EMI License possessors can maintain their license, protect the uprightness of their operations, and enhance a secure and trustworthy financial environment.

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