Bank of Lithuania - Dear CEO Letter: Enhancing Operational Management, Internal Control and Compliance Culture of Electronic Money Institutions & Payment Institutions

“We are constantly and decisively seeking to achieve the sector’s maturity. We require quality not only in the provision of services, but also in compliance with the legal requirements, and will do so in the future.

The Bank of Lithuania has issued 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. “We are constantly and decisively seeking to achieve the sector’s maturity. We require quality not only in the provision of services, but also in compliance with the legal requirements, and will do so in the future. The rate of a company’s business expansion should correspond to its readiness to comply with operational requirements. Company managers are personally responsible for ensuring this compliance. In conducting financial market supervision, we will devote more attention to the assessment of the work and personal responsibility of the management,” said Jekaterina Govina, Director of the Financial Market Supervision Service of the Bank of Lithuania.

More: https://www.lb.lt/en/news/bank-of-lithuania-presented-a-dear-ceo-letter-to-fintech-companies