Financial Institutions

An increase of the financial services sector maturity is the main strategic direction of the Bank of Lithuania. For this reason, a particularly large focus is given to the compliance of the activities of Fintech and other financial institutions with the legal requirements both during the licensing process and during the operation.

• In order to provide financial services in Lithuania, it is necessary to obtain activity licenses issued by the Bank of Lithuania. We are familiar with the licensing process and advise clients seeking licenses for payment or electronic money institutions, or crowdfunding platform operators and other financial institutions. We assist in entering the lists of consumer credit providers or their intermediaries, maintained by the Bank of Lithuania, is provided.
• We help clients licensed to provide financial services in Lithuania to expand their operations internationally and conduct all processes in order to commence operations in other EU Member States (passporting).
• Sometimes, with a slight adjustment to the business model, the client’s activities no longer fall within the scope of financial services regulation. We provide practical advice to clients in developing service delivery processes.
• The activities of the financial sector are regulated by a number of regulatory acts of the Republic of Lithuania, as well as the EU. Knowing, having an eye for them all, keeping track of their changes is a big challenge. This requires additional human resources and time. We help our clients understand the lay of the land of the constantly changing legal requirements and implement them in practice, as well as provide advice on compliance issues.
• The prevention of money laundering and terrorist financing is a crucial part of a financial institution’s activities. How to implement sanctions and other restrictive measures, how to properly perform procedures for getting to know your client (KYC) – we answer these and other client questions from a practical perspective.
• Supervisory authorities regularly conduct routine and unplanned inspections of financial institutions, which can result in sanctions, sometimes extremely painful, both reputationally and financially. We represent clients and help answer the questions asked during the inspection, form the position of the financial institution. Our team will effectively correct any defects identified during inspections.