Our Fintech team have prepared a reminder to all payment service providers holding a payment institution licence issued by the Bank of Lithuania of the following reporting obligations:
- Statistical reporting on payments and fraudulent payments (every three and six months respectively)
- Reporting on payment service charges (five working days before service charges start to apply)
Statistical reporting on payments and fraudulent payments.
The new reporting requirements of the Board of the Bank of Lithuania will enter into force on 1 January 2022.
Licensed payment service providers will be required to provide data to the Bank of Lithuania on payment statistics every quarter and on fraudulent payments every six months.
The Bank of Lithuania has published a list of payment services providers subject to the payments and fraudulent payments reporting requirements, as well as the scope of the reporting obligations applicable (in detailed form P0607 or shortened form S0607). The list will be updated on a quarterly basis.
Within 20 business days of the end of the reporting period, the data must be provided to the Bank of Lithuania via the online reporting system or via e-mail (email@example.com) using the form (P0607 or S0607) specified by the Bank of Lithuania (you can find the relevant information here – in the annexes section). Moreover, payment service providers have to appoint a responsible person and send details of their name, phone number and e-mail address to firstname.lastname@example.org.
If a payment service provider has not yet started operations and is unable to submit the applicable information, it should inform the Bank of Lithuania of this.
You can find more information about it here (in Lithuanian).
Reporting on payment service charges
Payment services providers must report information about their payment service charges to the Bank of Lithuania if they meet at least one of the following criteria:
1. Lithuania-based payment services providers which have opened payment accounts allowing customers to perform at least one of the following actions:
- to deposit funds to a payment account
- to withdraw cash from an account
- to execute payment transactions for third parties and to receive funds from payment transactions executed by third parties, including credit transfers
2. Lithuania-based electronic money institutions and payment institutions which accept cash deposits and have at least five customer service points
3. Lithuania-based banks, branches of foreign banks and credit unions which accept cash deposits
Relevant information about the service charges will be published on the website of the Bank of Lithuania.
Payment institutions must appoint a responsible person and inform the Bank of Lithuania of this at email@example.com in order to receive further instructions regarding reporting.
Please note that even if your payment institution does not meet the abovementioned criteria, you are still required to inform the Bank of Lithuania of this.