Bank of Lithuania published a Dear Ceo letter to fintech companies

The Bank of Lithuania published a Dear CEO letter to the managers of electronic money and payment institutions operating in Lithuania, presenting its expectations on the improvement of governance and internal control as well as strengthening of compliance culture.

It is probably the first time when the Bank of Lithuania uses such supervisory tool.

In the letter to representatives of the FinTech sector, the Bank of Lithuania emphasised the requirements related to money laundering and terrorist financing risk management, equity capital, internal control, protection of customer funds, investigation of customer complaints, information and communication technology and security risk management, notification of the changes of managers and shareholders, reporting, data reliability, timely submission of reports and outsourcing.

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