PSP License in Lithuania
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A Payment Service Provider (PSP) license in Lithuania is an official authorization that allows companies to provide financial services such as payment processing, money transfers, and digital payment solutions. The license is issued by the Bank of Lithuania.
SEPA Payment System Integration
What are the Legal Requirements in PSP License in Lithuania?
Legal Entity Formation
The company must be registered in Lithuania as a Uždaroji Akcinė Bendrovė (UAB), equivalent to a Limited Liability Company (LLC).
Minimum Capital Requirements
The company must have a minimum share capital of €20,000, which must be fully paid and proven to originate from legal sources.
AML Compliance and Risk Management
The company must appoint an Anti-Money Laundering (AML) Officer, who will ensure compliance with AML and Counter-Terrorism Financing (CTF) regulations. A comprehensive risk management strategy must also be in place.
Shareholders and Management Requirements
All shareholders and directors must pass a due diligence check and demonstrate a clean financial and legal history. At least one member of the management team must have proven experience in the financial sector.
Local Presence and Operations
The company must have a physical office in Lithuania and at least one local employee who is responsible for managing daily operations and regulatory compliance.
IT Infrastructure and Security Measures
A licensed PSP must implement secure IT systems to ensure data protection, fraud prevention, and cybersecurity compliance in accordance with European PSD2 regulations.
Regulatory Supervision and Reporting
The PSP must comply with ongoing reporting obligations to the Bank of Lithuania, including financial audits, transaction monitoring, and compliance assessments.
4 STEPS TO GET PSP LICENCE IN LITHUANIA
Company Registration
The first step is to establish a UAB company in Lithuania, register it with the Commercial Register, and open a corporate bank account. The minimum capital of €20,000 must be deposited.
Preparation of Business Plan and Compliance Policies
A detailed business plan, financial projections, and risk management framework must be prepared. This includes policies for AML compliance, transaction monitoring, and fraud prevention.
Submission of the Application to the Bank of Lithuania
The company submits the PSP license application along with all necessary documents to the Bank of Lithuania. The regulatory authority will conduct a thorough review of the business model, shareholders, and management team.
Due Diligence and Regulatory Review
The Bank of Lithuania performs due diligence checks on shareholders, directors, and key personnel. The company must demonstrate financial stability, compliance readiness, and operational security.
Frequently Asked Questions
Still have a questions?
How long does it take to obtain a PSP license in Lithuania?
The licensing process typically takes 6 to 12 months, depending on the completeness of the application and the review process by the Bank of Lithuania.
What is the minimum capital requirement for a PSP license?
The minimum required share capital is €20,000, which must be fully paid and proven to originate from legal sources.
Do I need to have a local office in Lithuania?
Yes, a PSP-licensed company must maintain a physical office in Lithuania and employ at least one local staff member responsible for operations and regulatory compliance.
Can foreign investors apply for a PSP license?
Yes, there are no restrictions on foreign investors. However, all shareholders and directors must pass a due diligence check and demonstrate a clean financial and legal history.
Is it mandatory to appoint an AML officer?
Yes, every PSP-licensed company must have a designated AML Compliance Officer to ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
OUR SERVICES INCLUDE
Consultation and Legal Advisory
We provide comprehensive advisory services to help you understand PSP licensing requirements, regulatory obligations, and compliance strategies in Lithuania.
Company Formation and Corporate Structuring
Our team assists in the registration of a UAB company, drafting corporate documents, and ensuring a smooth incorporation process.
Preparation of Business Plan and Regulatory Documentation
We help you prepare a detailed business plan, financial reports, and compliance policies, ensuring all documents meet the requirements of the Bank of Lithuania.
AML Compliance and Risk Management Implementation
We assist in developing AML/CTF policies, appointing a qualified AML officer, and implementing transaction monitoring systems to comply with regulatory standards.
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