FinCause is a licensed Electronic Money Institution based in Lithuania, meticulously supervised by the Bank of Lithuania. For complete details about our license and scope, you’re welcome to visit the official Bank of Lithuania website FinCause, UAB | Bank of Lithuania (lb.lt)

Absolutely. Your funds are safeguarded in segregated accounts within reputable European banks, ensuring they are accessible and secure, adhering strictly to regulatory requirements. This approach guarantees the safety of your funds.

You can open an operational account, perfect for your daily financial needs. Corporate clients can add multiple users (like employees) and assign varied access rights, enhancing convenience and flexibility in managing finances.

The time frame to review your business application and open your account at FinCause is designed to be swift and efficient, typically ranging from 2 to 5 business days. This process may vary slightly, as it is closely aligned with the intricacies of your business model. Our dedicated team works diligently to ensure a smooth and prompt review, aiming to get your operations up and running as quickly as possible.

At FinCause, we tailor your pricing group based on a comprehensive evaluation of your application form alongside the KYC documents you provide. For our corporate clients, this assessment involves a deep dive into several critical areas to ensure we align with your business needs and regulatory requirements efficiently. These areas include:

• The unique aspects of your business model.
• The country where your company is incorporated.
• The jurisdictions where you conduct your business activities.
• The structure of your company’s ownership.
• The citizenship and residency of your company’s directors, shareholders, and Ultimate Beneficial Owners (UBOs).

Our goal is to provide you with the most appropriate pricing group, reflecting the specifics of your business operations and compliance standing.

All our clients in the future will receive their dedicated IBAN account. As per today, with FinCause, you receive a dedicated subaccount. All transactions flow through our main FinCause IBAN, so making or receiving payments is seamless. Just ensure your sub-account number and your full name are mentioned in the relevant payment details field. Instructions on how to receive payments to your account can be found here.

Opening a corporate account requires specific documents for verification and compliance, including but not limited to incorporation certificates, articles of association, financial records, and identity documents of company representatives. Rest assured, our team is here to guide you through every step, ensuring a smooth process.

In general, the following documents shall be submitted when applying to open the corporate account:

1. Extract from official companies’ registry or equivalent (certificate of good standing, etc.). Documents should be no older than 6 months and contain information on a legal entity’s legal name, legal form, registration number, country of registration, registered address, directors/representatives and shareholders.
2. Shareholders structure signed by the representative of the Company. Shareholders structure shall indicate:
   • each company leading to Beneficial Owners name, registration number, registration address, such company direct shareholder control percentage; and
   • Beneficial Owner(s) name, personal code and/or date of birth, address, citizenship.
3. For each company indicated in 2.1 above provide extracts from official company registries or equivalent (certificate of good standing, etc.), which shall correspond to requirements set in Clause 1 above.
4. Colored and valid copy of the passport/national ID card of each Beneficial Owner.
5. Colored and valid copy of the passport/national ID card of legal representative (CEO), if onboarding is done by representative (e.g. on Power of Attorney basis) other than CEO.
6. Copy of proof of address (e.g. utilities bill or bank statement etc.) of legal representative (e.g. CEO) of the Company (should not be older than 3 months).
7. Account statement from financial institution (e.g. bank) for the last 6 months period (applicable only for active operational companies).
8. License/ registration document for the business activity (in case the Company is engaged in licensed business activities).
9. Power of Attorney certified by the notary or equivalent (or other document underlying a right to represent the Company) for the person representing the Company (if other than legal representative (e.g. CEO) is completing onboarding).
10. If other than legal representative is completing onboarding, copy of proof of address of person representing the Company on Power of Attorney basis (should not be older than 3 months).
11. The Company holds the right to ask for any additional documents.

All documents provided should be in Lithuanian or English. In case the original documents are in any other language, please provide official translations confirmed with Apostille/legalized. Both the original documents and translation should be provided.

All official (issued by institutions) foreign documents provided shall be confirmed with Apostille/legalized (except for jurisdictions where the documents are issued by jurisdictions that make use of a special rules following international agreement with Lithuania).

The document processing fee is an essential part of our application procedure, covering the in-depth analysis and screenings conducted across various databases and resources. This comprehensive review is crucial in determining if your business aligns with our risk management policies. It’s important to understand that this fee is strictly for processing and does not guarantee the approval of your account opening. The decision is made post-review, based on a thorough evaluation of your profile against our risk appetite. Please note, the processing fee is non-refundable.

Prohibited Jurisdictions and Industries are those identified by FinCause as carrying higher risks of financial crime, sanctions violations, or regulatory non-compliance. While specific details may vary, prohibited jurisdictions typically include countries under international sanctions, those with high levels of corruption or political instability, or areas lacking sufficient anti-money laundering regulations. Prohibited industries often involve sectors more susceptible to illegal activities, such as arms manufacturing, unregulated gambling, or industries prone to environmental harm.

At FinCause, we are committed to conducting our business in accordance with the highest standards of ethics and compliance with applicable laws and regulations. As part of our commitment to corporate responsibility and ethical practices, there are certain industries we are unable to support as clients. These include:

• Growing of tobacco, spices, aromatic, drug and pharmaceutical crops,
• Manufacturing of military or defense equipment
• Wholesale of military or defense equipment
• Retail of military or defense equipment
• Trusts administration and related services
• Auction houses
• Professional intermediaries in trade of work of art or cultural goods
• Gambling activities (other than lotteries)
• Virtual currency related activities
• Private military contractors
• Unregulated financial service providers (crowdfunding, P2P lending etc.)
• Sale of social media likes, followers, and reviews

We understand the importance of these industries in the global economy but must adhere to our policies to ensure the safety, legality, and integrity of our financial services. We appreciate your understanding in this matter and encourage any inquiries or discussions regarding our client acceptance policies.

Regardless of the industry, FinCause does not provide its services to customers, who engage in the following activities:

• Licensable services without a valid license (incl. any unlicensed/unregulated remittance agents, exchanges houses, etc.)
• Activities related to unregulated or illegal products and services (pyramid schemes, products and services with varying legal status in the respective jurisdictions)
• Activities organized using bearer shares
• Payable through Accounts
• Human trafficking
• A shell bank or a bank that is known to permit its accounts to be used by a shell bank
• Trade of precious metals and stones
• Trade of wildlife
• Multi-Level Marketing (MLM)

Yes, financial institutions are legally required to collect and verify certain information about their customers. This process, known as Know Your Customer (KYC), helps institutions prevent financial crimes and ensure the security of transactions. The information requested can include your identity, contact details, income sources, and transaction details.

The detailed information collected by financial institutions under the KYC principle serves multiple critical purposes. It allows them to understand your financial behavior, assess the legitimacy of your transactions, and ensure compliance with anti-money laundering regulations. Regular updates to this information help them to keep your account safe and respond promptly to any irregular activities.

Absolutely. Financial institutions prioritize the confidentiality and security of your personal information. They are bound by strict privacy laws to protect the data you provide, ensuring it’s handled securely and only disclosed as required by legislation. Remember, FinCause will never ask for sensitive login details like passwords or PINs via email or message.

If you delay or fail to provide the requested updates or additional information, financial institutions may restrict your access to certain services or, in extreme cases, terminate your services. This is to comply with legal requirements and to maintain the security and integrity of the financial system. If you’re unable to provide information within the requested timeframe for valid reasons, it’s important to communicate this to FinCause promptly.

Receiving money is straightforward. Ensure your reference code and/or name are included in the relevant payment fields. Inform your senders about this code to allow FinCause to accurately process and credit your payments. Instructions on how to receive payments to your account can be found here.

The most efficient way to top up your account is through a SEPA or SWIFT transfer. For detailed guidance, our support team is ready to assist you.

Please refer your request to our support team via online banking detailing the adjustments you wish to make to your transaction limits, and our team will guide you through the necessary steps. In the future, our clients will be able to adjust limits themselves in the online banking.

The Single Euro Payments Area (SEPA) is a European Union initiative that simplifies bank transfers denominated in euros. SEPA aims to make cross-border euro payments as easy, secure, and efficient as domestic payments within a country. It encompasses all EU countries as well as Iceland, Norway, Switzerland, Liechtenstein, Monaco, and San Marino. SEPA facilitates streamlined transactions across these regions, enhancing financial connectivity and efficiency.

An International (SWIFT) payment refers to any financial transaction conducted outside the SEPA zone, capable of handling multiple currencies, including euros or other currencies than euros in SEPA zone. These transactions utilize the SWIFT global financial messaging network, ensuring secure and reliable international payments. Typically, SWIFT payments are completed within 2-5 business days, depending on various factors such as the destination country and currency involved.

Provided that your transfer does not trigger a compliance check SEPA payment execution usually takes up to 1 business day. Business days exclude weekends and Lithuanian Public Holidays.

Provided that your transfer does not trigger FinCause or correspondent banks compliance check, depending on the currency and country, SWIFT payment usually takes 2 – 5 business days. Business days exclude weekends and Lithuanian Public Holidays.

The ability to cancel payments may vary based on the payment’s processing stage.

The possibility to cancel SEPA payment depends on the payment status. If the payment is already executed, it means that the funds are not with FinCause anymore. Therefore, it is either possible to contact the beneficiary and ask to return the money, or submit a SEPA Cancellation request (fee applies) for FinCause. Please note that the funds can be returned only with the consent of the beneficiary.

The possibility to cancel SWIFT payment depends on the payment status. Please contact our customer support to get information on the stage of the payment processing. If it has not left internal FinCause accounts, we will be able to cancel it from our end. In case it is already under processing of intermediary banks, we will recommend you submitting SWIFT Cancellation request (fee applies).

At FinCause, we adhere strictly to anti-money laundering (AML) laws and regulations, as mandated by our regulators and as a fundamental part of our commitment to ensuring a safe and secure financial environment for all our clients. Sometimes, this means FinCause or correspondent financial institutions might need to pause a transaction temporarily. This can happen for a few reasons:

• Regulatory Compliance: To comply with AML regulations, we might need additional information about the transaction. This could include the origin of the funds, details about the transaction’s other party, or supporting documents that provide clarity on the transaction’s nature.
• Security Checks: Our security protocols are designed to protect you and your assets. If a transaction triggers a security alert, we might hold the payment until we can confirm its legitimacy.
• Due Diligence: In certain cases, both FinCause and our intermediary banks must perform due diligence to ensure that a transaction does not violate any laws or regulations. This process might require us to gather more information from you.

We understand that holds can be inconvenient, but they are a necessary part of our efforts to maintain a secure financial environment and protect our customers. If your payment is on hold, we’ll communicate with you to gather any needed information and work to resolve the issue as quickly as possible.

Should you decide to close your account, please reach out to our customer support or send a request via our online banking platform. Ensure your account is either empty or any dues are cleared. We’re here to make the closure process as smooth as possible.

An account closure fee may apply. For detailed information, please refer to the Pricing section on our website.