Regarding the format of documents to be provided during the process of PI and EMI licensing

The Bank of Lithuania submitted a project which shall amend the Resolution of the Bank of Lithuania No. 238 dated on 24 December 2009 On Permits Issued by the Bank of Lithuania to Electronic Money and Payment Institutions. The project contains a new Declaration on the terms and conditions of the intended outsourcing agreements, considering the requirements set out in the draft rules for the outsourcing of functions of financial market participants.

The content of the information requested from the applicant, seeking to obtain an electronic money institution or payment institution license, on the organizational structure, responsible persons, information technologies and security risk management has also been updated. Already during the licensing process, the applicant will be required to identify persons responsible for compliance with the legislation governing electronic money or payment institutions, Information and Communication Technology (ICT) systems, processes and IT operations (I Line of Defence), ICT and Security Risk Management (II Line of Defence), ICT and security audit (III Line of Defence), preparation and submission of reports and notifications to the Bank of Lithuania.

The project also includes changes related to the prevention of money laundering and terrorist financing. Applicants will be required to indicate the policies and procedures that the applicant has in place to prevent money laundering and terrorist financing, describe the procedures for monitoring clients, client representatives, beneficiaries and international financial sanctions for transactions, and describe the procedures for checking lists or databases of politically exposed persons.

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