Regulatory Alerts2021-04-15
Added · Updated
Approval of Requirements for Electronic Money and Payment Institutions with Revoked or Suspended Licences
The Board of the Bank of Lithuania approved requirements for electronic money and payment institutions whose operating licences have been revoked or suspended. Institutions must inform customers of licence revocation or suspension within two business days via public channels and within five business days via durable medium. Revoked institutions must settle customer funds within 15 business days, with a maximum extension of two months, and submit a detailed report on repaid funds to the Bank of Lithuania within five business days of the settlement deadline.