Financial Institutions

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.