The growing FinTech market in Lithuania has led to increased supervisory attention. The Bank of Lithuania is tightening controls on e-money and payment institutions (EMIs and PIs). The aim is to strengthen investor confidence.
In a letter to the management of the FinTech sector, the Bank of Lithuania underlined the role of a functioning risk management. Financial companies in particular are expected to implement internal control procedures to enable a detailed assessment of the nature and extent of the risks to which they are exposed. If risks such as money laundering and terrorist financing risks are not recognised, this can lead to unpleasant surprises and even the withdrawal of the licence, explain the Ecovis experts.
Inga Karulaitytė-Kvainauskienė, Head of FinTech Group, Attorney at Law, Partner, ECOVIS ProventusLaw, Vilnius, LithuaniaDo you want to introduce a risk management system? Speak to us. We have developed recommendations.
Internal Control of Electronic Money Institutions
Read more about the key to success for FinTechs in 2021 here:
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Inga Karulaitytė-Kvainauskienė, Head of FinTech Group, Attorney at Law, Partner, ECOVIS ProventusLaw, Vilnius, Lithuania