Regulatory Alerts2024-06-26
Added · Updated
Resolution on the Approval of the Instructions for Increasing the Access to Financial Services and Financial Inclusion
The Board of Lietuvos bankas approved Instructions requiring financial market participants (FMPs) to implement risk-sensitive policies that prevent unwarranted de-risking and blanket refusals of business relationships. FMPs must document decisions to refuse or terminate accounts, apply targeted restrictions on products or services based on individual risk assessments, and notify payment service users of suspensions or refusals within specified timeframes, including a maximum 5-day extension for transaction suspensions. The Resolution enters into force on 1 January 2025 and applies to credit institutions, electronic money institutions, and payment institutions.