Financial Institutions

Practice Areas

Industries

Why us?

Experience highlights

Insights

Increasing the maturity of the financial-services sector is the primary strategic goal of the Bank of Lithuania. For this reason, ensuring that fintech companies and other financial institutions comply with all legal requirements during the licensing process and subsequent operations is critical.

  • Entities wishing to provide financial services in Lithuania must first obtain an activity license from the Bank of Lithuania. We are familiar with the licensing process and advise payment and electronic-money institutions, crowdfunding platform operators, and other financial institutions seeking licenses to operate. We help our clients register on the lists of consumer credit providers and their intermediaries that are maintained by the Bank of Lithuania.
  • We help clients that are licensed to provide financial services in Lithuania expand their operations internationally and conduct all processes necessary to commence operations in other EU Member States.
  • In some cases we can help clients make slight adjustments to their business models, thus putting them outside the scope of financial services regulation. We provide practical advice to clients developing service-delivery processes.
  • The activities of the financial sector are regulated by the Republic of Lithuania, as well as the EU. Knowing all the relevant acts and keeping track of all relevant changes is a major challenge; and one that requires significant resources and time. We help our clients understand the constantly changing legal regime and assist in the implementation of changes as they become necessary, as well as providing advice on compliance issues.
  • The prevention of money laundering and terrorist financing is a critical part of financial-institution activities. How to comply with sanctions and other restrictive measures, and how to properly perform know-your-client procedures – we answer these and other questions from a practical perspective.
  • Supervisory authorities regularly conduct both routine and unplanned inspections of financial institutions, which can sometimes result in extremely painful sanctions both to reputation and finances. We help clients answer the questions asked during these inspections, forming their official position, as well as working efficiently to correct any defects identified during inspections.
Samanta Blėdienė

Conducted AML compliance review for consumer credit provider

20 November 2023
Sigita Zavišienė, Samanta Blėdienė

Consulted the management company on international sanctions implementation and AML compliance matters

27 October 2023
Sigita Zavišienė, Samanta Blėdienė

Consulted the licensed management company on AML compliance matters

23 August 2023
Samanta Blėdienė

Consulted the financial brokerage firm on AML compliance matters

18 August 2023
Raminta Girtavičiūtė

Consulted Probanx Solutions on complex IT issues

29 June 2023
Rokas Jankus, Darius Amšiejus

Represented the Netherlands-based investment group on the sale of shares of an e-money institution

8 June 2023
Raminta Girtavičiūtė

Advised Eika Asset Management on GDPR compliance

31 May 2023
Justinas Jarusevičius

Successfully represented clients in a dispute over shares of a fintech company

3 February 2023
Justinas Jarusevičius

Successfully represented fintech company in 2 million EUR damage litigation

27 January 2023
Sigita Zavišienė, Samanta Blėdienė

Conducted the external AML audit for e-money institution Elektroninių Pinigų Bitė

27 January 2023
Raminta Girtavičiūtė

Helped Orion Leasing with data protection issues

15 December 2022
Raminta Girtavičiūtė

Represented the client before the State Labour Disputes Commission

11 October 2022
Denis Parchajev

Latvian Bank’s victory in 5 LCIA arbitrations worth 70 million EUR

26 May 2022
Sigita Zavišienė

Represented the client on acquisition clearance of the Lithuanian commercial bank in the European Central Bank

31 March 2022
Giedrius Kolesnikovas, Laurynas Ramonas

Marius Jakulis Jason controlled AAA Capital has received merger clearance to acquire Medicinos bankas

23 March 2022
Justinas Jarusevičius, Paulius Grendelis

Successfully represented largest cryptocurrency broker in Israel

1 July 2021
Sigita Zavišienė, Evelina Tumakova-Kuzmič

“Elektroninių pinigų bitė” obtained an electronic money institution license

11 June 2021
Sigita Zavišienė

Assisted FINBEE to sign an agreement with INVEGA

16 April 2020
Sigita Zavišienė

Advised Nandi Finance on obtaining an EMI licence

20 March 2020
Sigita Zavišienė

8th brokerage firm license in Lithuania

1 October 2019
Sigita Zavišienė

Lithuanian fintech market review

25 January 2024
Read more
Sigita Zavišienė

Cryptocurrency regulation in Lithuania and Estonia prior to MiCA: key differences

20 October 2023
Read more
Sigita Zavišienė

Important changes in legislation and first homework for Fintech companies in 2021

4 February 2021
Read more
Sigita Zavišienė

2020 Review: Fintech sector has almost doubled

14 December 2020
Read more
Sigita Zavišienė

Need to know for EMIs/PIs: as of 2021 more activity reports to be submitted to the Bank of Lithuania

15 September 2020
Read more
Sigita Zavišienė

Risk Management in an Organisation: Evolution of the Three Lines of Defence Model

8 September 2020
Read more
Sigita Zavišienė

TOP 3 things you need to know about Newcomer meeting with the Bank of Lithuania

20 July 2020
Read more
Sigita Zavišienė

What are the options for UK fintech to act in Europe after Brexit?

15 May 2020
Read more
Sigita Zavišienė

Reporting calendar for payment and electronic institutions

21 February 2020
Read more
Sigita Zavišienė

Requirements for disclosure of pre-contractual information

14 January 2020
Read more
Sigita Zavišienė

National security screening process

4 November 2019
Read more
Sigita Zavišienė

Brexit: licensing financial services remains important

11 October 2019
Read more
Sigita Zavišienė

Impact of FinTech on PIs and EMIs business models

24 September 2019
Read more
Sigita Zavišienė

Strong customer authentication under PSD2

22 July 2019
Read more
Sigita Zavišienė

EBA’s opinion on the nature of passport notifications

25 April 2019
Read more
Sigita Zavišienė

Brief introduction of the specialised bank regime

17 August 2018
Read more
Sigita Zavišienė

Things to know about getting a Fintech License in Lithuania

23 July 2018
Read more
Sigita Zavišienė

Lithuania expands its leadership in Fintech: the ICO guidelines issued

11 June 2018
Read more
Sigita Zavišienė

Will it be easier for Fintech companies to open bank accounts?

3 May 2018
Read more
Sigita Zavišienė

Lithuanian Parliament adopted the laws transposing the PSD2

18 April 2018
Read more

Why us?

Increasing the maturity of the financial-services sector is the primary strategic goal of the Bank of Lithuania. For this reason, ensuring that fintech companies and other financial institutions comply with all legal requirements during the licensing process and subsequent operations is critical.

  • Entities wishing to provide financial services in Lithuania must first obtain an activity license from the Bank of Lithuania. We are familiar with the licensing process and advise payment and electronic-money institutions, crowdfunding platform operators, and other financial institutions seeking licenses to operate. We help our clients register on the lists of consumer credit providers and their intermediaries that are maintained by the Bank of Lithuania.
  • We help clients that are licensed to provide financial services in Lithuania expand their operations internationally and conduct all processes necessary to commence operations in other EU Member States.
  • In some cases we can help clients make slight adjustments to their business models, thus putting them outside the scope of financial services regulation. We provide practical advice to clients developing service-delivery processes.
  • The activities of the financial sector are regulated by the Republic of Lithuania, as well as the EU. Knowing all the relevant acts and keeping track of all relevant changes is a major challenge; and one that requires significant resources and time. We help our clients understand the constantly changing legal regime and assist in the implementation of changes as they become necessary, as well as providing advice on compliance issues.
  • The prevention of money laundering and terrorist financing is a critical part of financial-institution activities. How to comply with sanctions and other restrictive measures, and how to properly perform know-your-client procedures – we answer these and other questions from a practical perspective.
  • Supervisory authorities regularly conduct both routine and unplanned inspections of financial institutions, which can sometimes result in extremely painful sanctions both to reputation and finances. We help clients answer the questions asked during these inspections, forming their official position, as well as working efficiently to correct any defects identified during inspections.

Experience highlights

Samanta Blėdienė

Conducted AML compliance review for consumer credit provider

20 November 2023
Sigita Zavišienė, Samanta Blėdienė

Consulted the management company on international sanctions implementation and AML compliance matters

27 October 2023
Sigita Zavišienė, Samanta Blėdienė

Consulted the licensed management company on AML compliance matters

23 August 2023
Samanta Blėdienė

Consulted the financial brokerage firm on AML compliance matters

18 August 2023
Raminta Girtavičiūtė

Consulted Probanx Solutions on complex IT issues

29 June 2023
Rokas Jankus, Darius Amšiejus

Represented the Netherlands-based investment group on the sale of shares of an e-money institution

8 June 2023
Raminta Girtavičiūtė

Advised Eika Asset Management on GDPR compliance

31 May 2023
Justinas Jarusevičius

Successfully represented clients in a dispute over shares of a fintech company

3 February 2023
Justinas Jarusevičius

Successfully represented fintech company in 2 million EUR damage litigation

27 January 2023
Sigita Zavišienė, Samanta Blėdienė

Conducted the external AML audit for e-money institution Elektroninių Pinigų Bitė

27 January 2023
Raminta Girtavičiūtė

Helped Orion Leasing with data protection issues

15 December 2022
Raminta Girtavičiūtė

Represented the client before the State Labour Disputes Commission

11 October 2022
Denis Parchajev

Latvian Bank’s victory in 5 LCIA arbitrations worth 70 million EUR

26 May 2022
Sigita Zavišienė

Represented the client on acquisition clearance of the Lithuanian commercial bank in the European Central Bank

31 March 2022
Giedrius Kolesnikovas, Laurynas Ramonas

Marius Jakulis Jason controlled AAA Capital has received merger clearance to acquire Medicinos bankas

23 March 2022
Justinas Jarusevičius, Paulius Grendelis

Successfully represented largest cryptocurrency broker in Israel

1 July 2021
Sigita Zavišienė, Evelina Tumakova-Kuzmič

“Elektroninių pinigų bitė” obtained an electronic money institution license

11 June 2021
Sigita Zavišienė

Assisted FINBEE to sign an agreement with INVEGA

16 April 2020
Sigita Zavišienė

Advised Nandi Finance on obtaining an EMI licence

20 March 2020
Sigita Zavišienė

8th brokerage firm license in Lithuania

1 October 2019

Insights

Sigita Zavišienė

Lithuanian fintech market review

25 January 2024
Read more
Sigita Zavišienė

Cryptocurrency regulation in Lithuania and Estonia prior to MiCA: key differences

20 October 2023
Read more
Sigita Zavišienė

Important changes in legislation and first homework for Fintech companies in 2021

4 February 2021
Read more
Sigita Zavišienė

2020 Review: Fintech sector has almost doubled

14 December 2020
Read more
Sigita Zavišienė

Need to know for EMIs/PIs: as of 2021 more activity reports to be submitted to the Bank of Lithuania

15 September 2020
Read more
Sigita Zavišienė

Risk Management in an Organisation: Evolution of the Three Lines of Defence Model

8 September 2020
Read more
Sigita Zavišienė

TOP 3 things you need to know about Newcomer meeting with the Bank of Lithuania

20 July 2020
Read more
Sigita Zavišienė

What are the options for UK fintech to act in Europe after Brexit?

15 May 2020
Read more
Sigita Zavišienė

Reporting calendar for payment and electronic institutions

21 February 2020
Read more
Sigita Zavišienė

Requirements for disclosure of pre-contractual information

14 January 2020
Read more
Sigita Zavišienė

National security screening process

4 November 2019
Read more
Sigita Zavišienė

Brexit: licensing financial services remains important

11 October 2019
Read more
Sigita Zavišienė

Impact of FinTech on PIs and EMIs business models

24 September 2019
Read more
Sigita Zavišienė

Strong customer authentication under PSD2

22 July 2019
Read more
Sigita Zavišienė

EBA’s opinion on the nature of passport notifications

25 April 2019
Read more
Sigita Zavišienė

Brief introduction of the specialised bank regime

17 August 2018
Read more
Sigita Zavišienė

Things to know about getting a Fintech License in Lithuania

23 July 2018
Read more
Sigita Zavišienė

Lithuania expands its leadership in Fintech: the ICO guidelines issued

11 June 2018
Read more
Sigita Zavišienė

Will it be easier for Fintech companies to open bank accounts?

3 May 2018
Read more
Sigita Zavišienė

Lithuanian Parliament adopted the laws transposing the PSD2

18 April 2018
Read more

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