- September 8, 2021
- Posted by: global361
- Category: Compliance
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E- Money Institution Licensing – Why Lithuania ?
- No particular requirement for company directors and board members to reside in Lithuania/Europe.
- Application for a license submitted without establishing a company and freezing up capital.
- Fast licensing process.
- Regulatory “Sandbox”.
- Start-up visa. Special visas for citizens of non-EU/EEA countries running innovative businesses in Lithuania
- Possibility to provide individual client IBAN accounts. Lookup for the IBAN account according to the alternate identifier: mobile phone number (MSISDN) and Email (URI)
- Remote client verification. Innovative “know your customer” processes for remote client verification allows open the accounts without the physical presence of the client.
- License allows provision of the financial services in all EU/EEA area without any additional licensing.
- Licensing documentation can be submitted in English.
- Direct access to the Single Euros Payment Area (SEPA) through the CENTROlink payment system managed by the Bank of Lithuania (Central Bank).
- Possibility to safeguard client funds in the accounts of the Bank of Lithuania (Central Bank of EU member state).
- PSD2 implementation allowing Payment Initiation Service (PIS) and Account Information Service (AIS).