Posted: 14 May. 2020

FinTech News

The Bank of Lithuania News

The Bank of Lithuania approved its position on the right of electronic money institutions and payment institutions (hereinafter – the Institutions) to access bank accounts opened with credit institutions.

As indicated by the Bank of Lithuania in the position, there are three types of accounts that credit institutions may open for Institutions:

·         a current account;

·         an account for safeguarding funds of Institutions’ clients;

·         an account for the execution of payments by Institutions’ clients.

In its position, the Bank of Lithuania also established the provision that Institutions and credit institutions, in their contractual relations, must comply with the general principles of objectivity, non-discrimination and proportionality, which in this case means that the decisions and other actions of the bank in opening or closing accounts for the Institutions must be impartial and objective;

In the opinion of the Bank of Lithuania, banks should ensure that extreme measures, such as termination of business relations with Institutions or refusal to start them on the basis of ML/TF risks, are applied only after having assessed the circumstances relevant in a specific case and only when it is impossible to apply other risk management and mitigation measures.

The Bank of Lithuania also expressed its position on what practice should be followed when closing an account and how banks and Institutions should cooperate.

#FintechInn conference

FinTech team - Tomas Davidonis, Monika Žlabienė, Indrė Ambrasūnaitė, and Ema Pauraitė attended Fintech Inn 2019 conference on 27-28 November 2019. The largest international fintech conference in the Baltic region with more than 3000 attendees.

Deloite Legal FinTech team, Monika Žlabienė, Tomas Davidonis and Indrė Ambrasūnaitė, has attended the conference of Association of UK Payment Institutions (AUKPI) on 6th of June in London. During the conference about regulatory obligations for electronic payments in the UK and the EU our FinTech experts talked about regulations in Lithuania: „Getting regulated and banked in Lithuania – How Deloitte can help?“.

FINTECH&DATA HIGHLIGHTS

Don't get lost in the sea of the yearly reviews! Let us present the only Fintech & Data 2019 review you will ever need which was prepared by our #DeloitteLegal colleagues! Take a look at the most important news of the whole year and good news for those who want to stay in the Fintech & Data loop without much effort - as of this year, our Fintech & Data Highlights will be published on a quarterly basis! If you have any questions contact our Fintech & Data Leader Monika Žlabienė.

Contact:

Monika Žlabienė

Monika Žlabienė

Managing Associate (on maternity leave)

Monika is a Managing Associate within Deloitte Legal Lithuania. She leads Deloitte Legal FinTech, Technology & Data practice. Monika is a privacy and fintechlawyer, who constantly provides legal advice on various licensing and compliance matters to local and international clients operating in financial and insurance sectors. Her clients include biggest EMIs in Lithuania as well as foreign investors establishing in Lithuania. She has almost 10 years of professional experience in counselling businesses from the CEE region, Western Europe and beyond. She is a member of the Lithuanian Bar association and certified DPO by Maastricht University. Areas of expertise: Privacy & Data protection, GDPR, EU & National regulatory affairs, Compliance, Product liability & Consumer protection, General commercial contracts.