Regulatory Alerts2020-05-25
Position of the Bank of Lithuania on the right of electronic money institutions and payment institutions to access bank accounts opened with credit institutions
The Bank of Lithuania issued this position to address difficulties faced by electronic money and payment institutions in accessing bank accounts held by credit institutions. It mandates that credit institutions must apply the principles of objectivity, non-discrimination, and proportionality when managing money laundering and terrorist financing risks, prohibiting blanket refusals or unilateral closures of accounts. The document defines specific account types and requires that risk management measures be tailored to ensure unobstructed provision of payment services while maintaining adequate compliance standards.
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