Andele Mandele PAY operates portal andelemandele.lv, one of the largest trade platforms in Latvia. The status of a registered e-money institution will allow customers of portal andelemandele.lv to pay with e-money. This process will both improve the safety of payments and facilitate payment settlement procedures between customers.
Registered e-money institution
A registered e-money institution is a company entitled to issue e-money and provide certain payment services. There are 7 registered e-money institutions in Latvia (the last of these was registered in 2017). There are also licensed e-money institutions that are entitled to provide a wider range of payment services and provide e-money institution services outside Latvia. Latvia has only two licensed e-money institutions.
Our contribution to the project
We provided full-range legal assistance, starting from structuring the project from the legal point of view and by considering the services provided by the e-money institution (including how transactions between portal users would be structured in portal andelemandele.lv), and ending with advice on anti-money laundering and sanctions. Legal assistance included involvement in cooperation with financial and IT advisers, documentation development (drafting procedures, contracts, revising documentation prepared by other consultants), and regular communication with the Financial and Capital Market Commission – the institution that assessed the documents submitted and which registered Andele Mandele PAY as a registered e-money institution.
The project was led by senior associate Inese Heinacka together with partner Rūdolfs Eņģelis. As regards AML and sanctions, the project benefited from the assistance of our senior associate Edvīns Draba.