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Legal alert: new requirements for payment services providers

New reporting requirements for e-money institutions and payment institutions and requirements for managing operational and security risks have been published.

In December 2018 the Bank of Lithuania published 18 reporting templates and reporting instructions for e-money institutions and payment institutions. These reporting requirements cover financial information as well as information on operational activities and measures implemented to prevent money laundering and/or terrorist financing. Majority of the reports shall be submitted to the Bank of Lithuania on a quarterly or annual basis.

Pursuant to the Guidelines on the Security Measures for Operational and Security Risks of Payment Services Directive (EU) 2015/2366 (PSD2), the Bank of Lithuania has also published requirements for managing operation and security risks, as well as updated the minimal requirements on the security of internet payments. These requirements are applicable to payment services providers.

More detailed information in Lithuanian can be found here.

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