RegRally Insights: Payment Services Regulatory Updates – Licensing Developments, Supervisory Enforcement and Market Changes (June 2026)
The payments sector continues to face increasing regulatory expectations, with supervisors focusing on licensing developments, safeguarding arrangements, governance frameworks and the practical effectiveness of internal controls.
This edition of RegRally Insights: Payment Services Regulatory Updates covers key developments from June 2026, including new payment institution authorisations in Latvia, expansion of payment service permissions in Lithuania, supervisory enforcement actions against electronic money institutions, and EU-level developments related to instant payments and regulatory harmonisation.
Recent supervisory actions demonstrate that regulators increasingly assess not only whether regulated entities have established compliance frameworks, but also whether those frameworks operate effectively in practice. Payment institutions and electronic money institutions should continue reviewing their governance arrangements, safeguarding processes, reporting obligations and risk management frameworks to ensure ongoing compliance.
- Latvijas Banka Issues Payment Institution Licence to SIA Fibonatix
- Lietuvos bankas Expands Payment Service Permissions of Ebury Partners Lithuania
- Lietuvos bankas Identifies Client Funds Protection Weaknesses at TransferGo Lithuania
- Lietuvos bankas Imposes €362,000 Fine on Paysera LT for Reporting Delay
- Lietuvos bankas Continues Supervisory Decisions on Governance, Ownership and Regulatory Permissions
- Lietuvos bankas Takes Supervisory Action Against Finora Group and Finora Bank
- Lietuvos bankas Supervisory Decisions on Market Structure and Compliance Controlsn
- European Commission Addresses Delays in Implementing Instant Payments Requirements
- Consumer Protection Update: Lietuvos bankas Warns Crypto Users About MiCA Transition Deadline
Latvijas Banka Issues Payment Institution Licence to SIA Fibonatix
On 11 June 2026, the Supervision Committee of Latvijas Banka issued a payment institution licence to SIA Fibonatix, authorising the company to provide payment acceptance services.
The company plans to provide services to merchants.
Following this authorisation, Latvia now hosts nine licensed payment institutions, eleven licensed electronic money institutions and one registered electronic money institution.
Why does it matter?
The continued growth of Latvia’s payment institution market demonstrates the ongoing development of the Baltic payments sector and provides an additional reference point for businesses considering licensing and cross-border expansion strategies.
The development also highlights the importance of early regulatory engagement, as applicants may use Latvijas Banka’s pre-licensing consultation process to prepare applications and address regulatory expectations before submission.
Recommended actions
Businesses should:
- Consider Latvia as an alternative licensing jurisdiction when assessing Baltic market-entry strategies.
- Use supervisory pre-application consultations where available to improve licensing readiness.
- Ensure that planned payment services are clearly aligned with the requested regulatory permissions.
Source: Latvijas Banka | Date: 2026-06-12
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Lietuvos bankas Expands Payment Service Permissions of Ebury Partners Lithuania
Lietuvos bankas expanded the licence of Ebury Partners Lithuania UAB, which has been licensed in Lithuania since 2021.
Previously authorised to provide money-remittance services, the institution may now provide additional payment services, including:
- execution of payment transactions to and from payment accounts;
- issuance of payment instruments;
- acquiring of payment transactions.
Ebury Partners Lithuania is part of the international Ebury group, whose largest shareholder is Santander Group.
The expansion demonstrates how payment institutions can broaden their business models through additional regulatory permissions.
However, expansion of licensed activities also increases regulatory expectations regarding governance, safeguarding arrangements, operational capacity and own-funds requirements.
Recommended actions
Payment institutions expanding their services should:
- Review whether governance and internal control frameworks remain appropriate for the expanded business model.
- Ensure safeguarding arrangements and own-funds calculations reflect increased operational activities.
- Update internal policies and procedures following changes to authorised services.
Source: Lietuvos Bankas | Date: 2026-06-25
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Lietuvos bankas Identifies Client Funds Protection Weaknesses at TransferGo Lithuania
Lietuvos bankas concluded an administrative settlement with electronic money institution UAB “TransferGo Lithuania” following a targeted inspection focused on client funds protection and related internal controls.
The supervisory review identified deficiencies concerning:
- safeguarding of client funds;
- counterparty credit-risk assessment;
- use of payment accounts meeting statutory requirements when executing payment transactions.
A public statement was issued regarding the client-funds protection and counterparty-risk deficiencies. A €42,000 sanction was imposed for failures related to payment account requirements.
An independent audit opinion is expected by 5 August 2026.
Why does it matter?
The decision confirms that safeguarding of client funds remains a key supervisory priority for electronic money institutions.
Regulators expect institutions not only to maintain formal safeguarding arrangements but also to demonstrate effective controls over client money flows, counterparties and operational processes.
Recommended actions
Electronic money institutions should:
- Verify that all client funds are held through compliant safeguarding structures.
- Document segregation and control mechanisms for safeguarded funds.
- Regularly reassess counterparty credit risks involving safeguarded client funds.
Source: Lietuvos Bankas | Date: 2026-06-25
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Lietuvos bankas Imposes €362,000 Fine on Paysera LT for Reporting Delay
Lietuvos bankas imposed a €362,000 fine on electronic money institution UAB “Paysera LT” for failing to submit annual reports within the required timeframe.
The fine increased significantly because the sanction was calculated based on the duration of the continuing breach. The daily penalty applied from 7 November 2025 until the calculation period ended after 6 May 2026.
Previously, in November 2025, Paysera LT had received an initial €20,000 fine for failing to submit 2024 annual financial statements by the required deadline. A daily penalty mechanism was subsequently applied, increasing at defined stages.
Why does it matter?
The decision demonstrates that regulatory reporting obligations are treated as critical compliance requirements.
Delays that may initially appear procedural can result in significant financial exposure where supervisory measures include accumulating daily penalties.
Recommended actions
Regulated entities should:
- Treat regulatory reporting deadlines as key compliance controls.
- Assign clear responsibility for preparation and submission of regulatory reports.
- Establish escalation procedures for potential delays.
- Ensure management oversight of critical regulatory obligations.
Source: Lietuvos Bankas | Date: 2026-06-30
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Lietuvos bankas Continues Supervisory Decisions on Governance, Ownership and Regulatory Permissions
The Financial Market Supervision Committee adopted several supervisory decisions, including:
- approval of management board appointments at Saldo Bank UAB and supervisory board appointment at RATO bankas UAB;
- approval of qualifying holding acquisitions involving ibsettle UAB and PAYMONT UAB;
- registration of EURONET SERVICES SRL as an intermediary acting for UAB ZEN.COM;
- approval of a strong customer authentication exemption for Payhawk Financial Services UAB regarding corporate users;
- recognition of Nasdaq Vilnius Listing Rules amendments implementing the EU Listing Act package.
Why does it matter?
The decisions highlight continued supervisory focus on governance, ownership structures, outsourcing arrangements and regulatory exemptions.
Financial institutions must ensure that qualifying acquisitions, key appointments and regulatory exemptions are properly assessed and supported by appropriate documentation.
Recommended actions
Businesses should:
- Obtain required supervisory approvals before implementing qualifying ownership changes or management appointments.
- Ensure intermediaries are properly registered where required.
- Document the security basis supporting any strong customer authentication exemptions.
- Review updated listing requirements where planning regulated market admission.
Source: Lietuvos Bankas | Date: 2026-06-19
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Lietuvos bankas Takes Supervisory Action Against Finora Group and Finora Bank
Lietuvos bankas concluded administrative settlements with AS Finora Group and Finora Bank UAB following a targeted inspection.
The supervisory findings concerned deficiencies in:
- governance and internal controls;
- prudential risk management;
- credit, liquidity and interest-rate risk management;
- large exposure management;
- operational risk and ICT/security controls;
- outsourcing arrangements.
Financial measures of €70,000 for AS Finora Group and €69,000 for Finora Bank UAB were imposed. Both entities committed to remediate remaining deficiencies by the end of 2026.
Why does it matter?
The enforcement action confirms that supervisors continue to assess the effectiveness of broader governance and risk management frameworks.
Financial institutions are expected to maintain robust internal controls covering both traditional prudential risks and technology-related operational risks.
Recommended actions
Businesses should:
- Regularly test governance and internal control frameworks.
- Review ICT security and outsourcing arrangements.
- Address supervisory findings promptly and document remediation measures.
Source: Lietuvos Bankas | Date: 2026-06-09
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Lietuvos bankas Supervisory Decisions on Market Structure and Compliance Controls
The Financial Market Supervision Committee adopted several decisions, including:
- approval of qualifying holding acquisitions;
- approval of Urbo bank’s capital increase;
- approval of management appointments;
- administrative settlements with UAB Nuvei and UAB TeslaPay.
Nuvei received a €90,000 monetary measure and public disclosure following deficiencies related to AML/CFT controls, safeguarding of client funds and conflict-of-interest management.
TeslaPay received a €19,000 monetary measure related to deficiencies in transaction monitoring procedures.
The decisions demonstrate continued supervisory attention to AML/CFT controls, transaction monitoring effectiveness and internal governance arrangements.
Recommended actions
Financial institutions should:
- Ensure transaction-monitoring systems are appropriately calibrated to business risks.
- Review conflict-of-interest controls and safeguarding arrangements.
- Perform regular effectiveness testing of compliance frameworks.
Source: Lietuvos Bankas | Date: 2026-06-04
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European Commission Addresses Delays in Implementing Instant Payments Requirements
The European Commission initiated infringement procedures against several Member States concerning implementation of requirements introduced by the Instant Payments Regulation (Regulation (EU) 2024/886).
The procedures concern delays in implementing:
- penalty regimes for breaches of instant payment requirements;
- amendments allowing non-bank payment institutions and electronic money institutions to participate directly in certain payment systems.
The Commission issued formal notices and reasoned opinions concerning Spain and France.
Why does it matter?
The developments demonstrate the EU’s continued focus on ensuring consistent implementation of instant payment requirements.
Direct participation of payment institutions and electronic money institutions in designated payment systems may create new opportunities for market participants once national frameworks are fully implemented.
Recommended actions
Businesses should:
- Monitor national implementation of Instant Payments Regulation requirements.
- Assess potential opportunities arising from direct payment-system participation.
- Review compliance frameworks for instant payment obligations.
Source: European Commission | Date: 2026-06-04
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Consumer Protection Update: Lietuvos bankas Warns Crypto Users About MiCA Transition Deadline
Lietuvos bankas issued a consumer notice reminding crypto-asset users that the MiCA transitional period ends across the EU on 1 July 2026.
The regulator advised users to verify whether their crypto-asset service provider holds a valid MiCA authorisation and referred users to the ESMA register.
The notice also highlighted that users of unauthorised providers should consider transferring crypto-assets to licensed providers or self-hosted wallets and ensure cash balances are protected through appropriate payment arrangements.
The notice reflects increased supervisory attention on consumer protection during the transition to the MiCA regulatory framework.
Payment institutions, electronic money institutions and crypto-related businesses should ensure that customer communications provide clear information on regulatory status, service continuity and available options.
Recommended actions
Businesses should:
- Provide clear customer communications regarding MiCA authorisation status.
- Ensure retail users receive understandable information about service changes.
- Review onboarding and migration processes for customers transitioning from unauthorised providers.
Source: Lietuvos Bankas | Date: 2026-06-29
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Need assistance?
Our regulatory compliance specialists assist payment institutions, electronic money institutions and FinTech companies in navigating evolving regulatory requirements.
We can assist with:
- Payment institution and electronic money institution licensing
- Regulatory compliance assessments
- Safeguarding and operational risk reviews
- Governance and internal control frameworks
- Regulatory inspections and remediation projects
- Payment services regulatory advice and cross-border expansion
Contact us to discuss how regulatory developments may affect your business.
About the Author:
Inga Karulaitytė is an attorney-at-law, Partner, and Head of Banking, Finance & FinTech at ECOVIS ProventusLaw — a recognised expert in FinTech and digital finance regulation in Lithuania and the Baltics. She is consistently ranked in FinTech Legal by Chambers and Partners and recognised as a Highly Regarded lawyer in Banking and Finance by IFLR1000, Chambers and Partners, and The Legal 500.
Inga is a Certified Anti-Money Laundering Specialist (CAMS), a Certified Global Sanctions Risk Management Specialist, a certified board member (Corporate Governance Certificate by BICG), and a Certified Internal Auditor.
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