Safeguarding accounts in Lithuania is designed for payment establishments being able to deposit clients’ monetary means. Its key option is to separate clients’ assets from other firm’s ones, as well as to prevent third parties from accessing them. Officially determined rules require EMIs and PIs to secure their clients’ assets obtained in course of offering payments services or issuing e-money. Getting permission of e-money establishment from fiscal regulative body, enterprises need to confirm and give data about credit facilities in which client’s assets are protected. Without it, permission won’t be issued.
Getting a banking account for EMI in Lithuania is a complex and difficult procedure.. Most banking establishments simply don’t offer this account type, regadless that PSD2 requires banks to create accounts in an objective, non-discriminatory and proportionate manner, seamlessly and efficiently, and large banks have strict and difficult criteria for most firms. Additionally, banking facilities providing such services have various criteria for creating and maintaining such accounts: for example, providing different amounts of commissions, charging fees for conducting a due diligence of enterprise and its shareholders, etc.
Creating a client’s funds account is one of the points for obtaining an e-license in Europe. Businesspersons won’t be able to get it until they possess this account. A good understanding of the risk appetite of each partner bank and the products they offer allows you to find the most suitable options for clients who want to separate clients’ money in a protective account.
Clients’ identification in providing this accounts
Banking facilities must identify customers prior to starting relationships, so plenty of them require personal presence of director when creating an account for EMI in Lithuania. When identifying enterprises, next-mentioned is checked:
- facts of creation of a legal entity and legal registration;
- information about the legal address of the client;
- data on a person who has rights to represent a legal entity using a valid
- an identity document of a person (document that confirms the rights);
- this person to represent enterprise in business relations with banking establishment.
Documentation for opening an account abroad is next-mentioned:
- copies of the passport of the attorney and the beneficiary;
- CV of the beneficiary and director – a summary of the source of funds, education, occupation, company in which you work, position, etc.;
- copies of the company’s constituent documents (notarized, apostilled);
- if the attorney and/or beneficiary has a resident company, then it is necessary to provide a certificate of registration and the charter of this company;
- utility bill, which confirms your resident status for the last 2 months;
- bank recommendation;
- originals of the company’s statutory documents (for viewing).
Each regulative body has certain terms for making a decision on issuing a financial permit. Unfortunately, if an enterprise has no account for PI in Lithuania or for other appropriate establishments, no permission will be given to it.