What Does Alternative Payments Being Licensed and Regulated Mean?
The Bank of Lithuania (BoL) granted UAB Alternative Payments a Payment Institution License in September 2014. This is the result of a rigorous application process which included not only security reviews, but also an audit from the most relevant regulatory institutions. Alternative Payments' license is applicable in all EU member states, providing all merchants and customers with a robust and secure platform for online payments processing. Licensing advisor ECOVIS ProventusLaw.
What we need to provide
Adequate operational capital
Why is it important
a) We are subject to the minimum initial capital and own funds requirement. Own capital requirement is intended for covering the risk of a provision of payment services.
b) We protect your funds with our security measures supervised by BoL (segregation of funds and funds insurance).
What does it mean for you
Your payouts are guaranteed, protected as entrusted to a company with adequate operating capital.
Financial reports
Internal and external auditor is mandatory
Our finance is closely monitored by BoL by submitting our financial statements every three months.
Our accounts are subject to additional check.
You have a reliable financial partner.
Four layers of defense for your business.
Sound Anti-money laundering (AML) policies and procedures
a) Risk-based approach (RBA) in assessing and managing the money laundering and terrorist financing risk to the company.
b) We perform customer due diligence (CDD), identification and verification procedures, including enhanced due diligence, screening against UN, EU, OFAC sanction lists.
Our AML/CTF policies and procedures make us reliable partner within the financial sector safeguarding our own and your business reputation.
Data protection and security
We maintain high level IT security checks and data protection processes, access right procedures and data encryption.
Your sensitive information is safe and protected with us.
Why Lithuania?
You can find Alternative Payments' listing and license in the Bank of Lithuania's official online register here.
UAB Alternative Payments, established in 2014, has a payment institution license (Nr. 303429748), issued by the Bank of Lithuania.
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