Electronic money institution in Lithuania, incorporated 2019

About This Company

Local substance remains mandatory after completion. Incorporated in 2019 with registered share capital of EUR 700,000, this entity holds an electronic money institution licence for non-limited activity under Republic of Lithuania Law on Electronic Money and Electronic Money Institutions No XI-1868. The institution must maintain its registered office in Lithuania and actually conduct the business of electronic money issuance within Lithuania. A full EMI must establish a three-tier governance framework comprising a general meeting of shareholders, a board as a collegial body, and a single-person head serving as CEO. Executive appointments require regulatory clearance. Board members, executive managers, and designated function holders including the Compliance Officer and AML/CFT Officer or MLRO must demonstrate good repute, appropriate qualifications, and professional experience, subject to prior regulatory non-objection through a 30 working days review. Supervisory assessment extends across board members, executive heads, the Head of Compliance, MLRO/AML Officer, Head of Internal Audit, as well as qualifying shareholders holding 10% or more of capital or voting rights and ultimate beneficial owners acting in concert. Client monies received for e-money issuance must be segregated from corporate funds no later than by the end of the next business day and held in designated safeguarding accounts at a central bank or an authorised EU credit institution, or covered by an insurance guarantee.