Lithuanian EMI issues

[JackieTsan]

Hello, I have an EMI for my UAE company, which is in Lithuania. For almost all the 3 years I'm working with them they are doing KYC and this never ends. Recently, they have been asking for a few personal details, including many work contracts, previous employers, payslips, etc which i've provided in my good willing.
My business is IT totally clear but it seems that they do KYC because of the amounts (?). Customers are in Europe, all services are really provided etc, nothing shady.
Recently, they start asking for my personal bank accounts statements to see where the company income is going (after them, I am sending the company income to my personal account, which is normal).

Do they have this right legaly to ask for this? I worry a lot as they have a lot of my private documents and I don't see the reason. And they keep asking more.

I am thinking to tell them stop and close the account asap. And I'm not willing to send any other info.

Also, as I'm afraid very much with them having all this bunch of my personal documents and info, I'm thinking to escalate it and complaint to the Board of the Bank of Lithuania at least to be safe and have an official action due to all the very sensitive personal information they have (how safe it is, where it's stored, all communication is over non-encrypted emails etc). One that has all this information that I've provided to them, can commit FRAUD on me, IDENTITY THEFT etc, so with all those documentation shared, there is clearly extremely high risk and question how securely and where is this information stored, are they compliant (like they are asking my company if is compliant etc), are they safe? It happens everywhere, one employee can share the info or take it and go, or even sale it...

So summarizing my questions are:

1) Does the EMI legally have the right to request my PERSONAL bank statements where I send the money (they see where they send the money anyway), as per the KYC?
2) What if I don't provide them (or I provide them masked).
3) Can I just tell them, close the account I'm not willing to give you any more information (but I can have an online call with them and screenshare some info from login in the web banking so they can see where the income has been moved to my personal account, but I'm not willing to share any more personal documents with them).
4) Shall I complaint / escalate the situations and my concerns to the Board of Bank of Lithuania? (I have a few direct connections that can move the escalation asap though).

Suggestions please as it's extremely urgent.

Thank you!

 

[Houdini]

What EMI is it ?

 

[JackieTsan]

Finally it’s proven to be one of the terrible Lithuania EMIs that when they see a small 6 digit total annual income they think you’re Al Capone…

Can’t say the name but it indeed has finally not good reputation here after researching.

So what is your suggestion to my questions?

 

[JackieTsan]

Anyone opinions please? thanks

 

[lagloriacubana]

Can’t say the name but it indeed has finally not good reputation here after researching.

why are you reluctant to name it?

 

[Sols]

Hello, I have an EMI for my UAE company

Why UAE?

Recently, they start asking for my personal bank accounts statements to see where the company income is going (after them, I am sending the company income to my personal account, which is normal).

Do they have this right legaly to ask for this? I worry a lot as they have a lot of my private documents and I don't see the reason. And they keep asking more.

Yes, and they are probably asking because they suspect you are using your UAE company to evade taxes in Europe. There is no limit to what they are allowed to ask. It's simply up to you to decline and move on.

I am thinking to tell them stop and close the account asap. And I'm not willing to send any other info.

Sounds like a good idea.

Also, as I'm afraid very much with them having all this bunch of my personal documents and info, I'm thinking to escalate it and complaint to the Board of the Bank of Lithuania at least to be safe and have an official action due to all the very sensitive personal information they have (how safe it is, where it's stored, all communication is over non-encrypted emails etc). One that has all this information that I've provided to them, can commit FRAUD on me, IDENTITY THEFT etc, so with all those documentation shared, there is clearly extremely high risk and question how securely and where is this information stored, are they compliant (like they are asking my company if is compliant etc), are they safe? It happens everywhere, one employee can share the info or take it and go, or even sale it...

Bank of Lithuania will not care. They will think suffer from paranoid delusions.

1) Does the EMI legally have the right to request my PERSONAL bank statements where I send the money (they see where they send the money anyway), as per the KYC?

Yes.

2) What if I don't provide them (or I provide them masked).

Not providing: expect to have your account closed.

Masked: they might accept this but very likely they'll ask for unmasked. It depends on how much you mask out. They don't care if you blow 10,000 a month on OnlyFans. That's not what this is about.

3) Can I just tell them, close the account I'm not willing to give you any more information (but I can have an online call with them and screenshare some info from login in the web banking so they can see where the income has been moved to my personal account, but I'm not willing to share any more personal documents with them).

Yes.

4) Shall I complaint / escalate the situations and my concerns to the Board of Bank of Lithuania? (I have a few direct connections that can move the escalation asap though).

Won't care.

Suggestions please as it's extremely urgent.

Find new banks. Maybe a bank account in UAE?

 

[JackieTsan]

Hundreds of thanks, @Sols for your time to answer!

Its incredible that UAE banks do NOT open accounts for RAK UAE companies (and other). Incredible, isn't it ?
Plan is to go out of UAE at all, close the company, close the accounts etc. Nothing is clear in UAE, adding taxes, small business relief is not clear as my accountant only answers "we are not sure yet" ...

Why UAE? Because my employer a few years ago asked me to invoice them only from there.. And 2nd because the EU customers accept it fine.

I am NOT evading taxes in Europe because I DON'T live in Europe! And I've not been in Europe for more than 2 years even as a short term traveler.

The EMI states that it's Lithuania's laws and bureuocracy "and it's not our fault - our compliance team is doing this following the laws". Anyway, I'm not willing at all and also have not the time to make any noise, just to stay out of Lithuania if they work like that. If Lithuania does not want my money, it's good to know.

I totally agree with KYCs but doing SO STUPID KYCs, asking EVERY DAY for 3 years EXACLTY the same things, like Forrest Gump, does not make a bank or an EMI safer. Asking every 3 months Certificate of Incumbency / other papers that cost a fortune in UAE, and they want everything notarized etc - incredible bureuocracy. In 2025!?!?!?!

Also, IMPORTANT: THIS specific EMI has several times done mistakes sending me wrong KYC intented emails - information addressed tor others, such as "please clarify who is the Russian Vladimir Putin (randon name) with the company BOUBOUBOU Limited and your transaction with DIDIDI limited" which are all WRONG (other customer of them - nothing with my company). So, they are sharing & sending emails with WRONG info, with others' details!

And then, I'm getting back answering "guys I have no relatioship with them, I don't even know them!!" - as I really DON'T know them but they PROVE TO BE SO unorganized (?) that they send wrong info to wrong people.. This point will definetely be escallated to the Authorities if I decide to take the case to the Board of Bank of Lithuania AND Gov. office (indirectly but through HIGHLY reliable people). Do you think that the Authorities will keep the license of this EMI active doing all this?

My problem is not the 10K that I might spend in onlyfans ) (which I don't). My worry is that having ALL THIS documentation of mine, on simple unencrypted emails, with all the leaks that I am sure they might be having, it's a huge risk for me (as probably for their other customers too) - WHO regulates them ? WHO is ensuring the security of all our documents there? When there are such significant proofs that they suffer from lack of organization, how I can provide all this info they want and feel so unsafe? I don't mind sharing my statements as long as they are SAFE and they are kept SAFE. Even big banks, when I send statements I mark them over "for KYC for X BANK ONLY" but they wanted ALL my PERSONAL contracts, info, details, payslips for years, bank accounts etc CLEAR without any mark, and they rejected anything less than 100% clear. Where do they keep all these? How safe can be? If their security is the same as what they are doing in the KYC that must be a real disaster.

The most dangerous thing that is happening now and is coming soon is Identity Theft!!!! And we should all be extremely careful.

And besides this EMI; we all try to open other accounts to EMIs that are just a web page (other topic).

So after all these what are your suggestions?

Thank you gents (and ladies if any here)

 

[Sols]

Its incredible that UAE banks do NOT open accounts for RAK UAE companies (and other). Incredible, isn't it ?

I see. You don't live in UAE?

I am NOT evading taxes in Europe because I DON'T live in Europe! And I've not been in Europe for more than 2 years even as a short term traveler.

In some ways, that makes it worse. You have almost no connection to Europe. Company in UAE. Resident somewhere else. Sure, you have EU clients but SWIFT works fine for most low/mid risk clients.

The EMI states that it's Lithuania's laws and bureuocracy "and it's not our fault - our compliance team is doing this following the laws". Anyway, I'm not willing at all and also have not the time to make any noise, just to stay out of Lithuania if they work like that. If Lithuania does not want my money, it's good to know.

They're not wrong. But they aren't necessarily right either.

I totally agree with KYCs but doing SO STUPID KYCs, asking EVERY DAY for 3 years EXACLTY the same things, like Forrest Gump, does not make a bank or an EMI safer. Asking every 3 months Certificate of Incumbency / other papers that cost a fortune in UAE, and they want everything notarized etc - incredible bureuocracy. In 2025!?!?!?!

Not to defend them, but they don't ask these things because it's fun or because they want to. They are asking to protect themselves from penalties in case you're up to no good and they can punished by Bank of Lithuania later for not catching it.

There is probably something suspicious or high-risk about your business. A UAE company owned/managed by someone not resident in Lithuania/EU or even UAE is likely considered high risk by default. Then there might be other risk factors on top that compound the overall risk profile.

Also, IMPORTANT: THIS specific EMI has several times done mistakes sending me wrong KYC intented emails - information addressed tor others, such as "please clarify who is the Russian Vladimir Putin (randon name) with the company BOUBOUBOU Limited and your transaction with DIDIDI limited" which are all WRONG (other customer of them - nothing with my company). So, they are sharing & sending emails with WRONG info, with others' details!

This is unacceptable and something you should probably notify the Bank of Lithuania about, especially if it's a recurring problem. You can also try to contact the other company and let them know that their information is being spread around.

And then, I'm getting back answering "guys I have no relatioship with them, I don't even know them!!" - as I really DON'T know them but they PROVE TO BE SO unorganized (?) that they send wrong info to wrong people.. This point will definetely be escallated to the Authorities if I decide to take the case to the Board of Bank of Lithuania AND Gov. office (indirectly but through HIGHLY reliable people). Do you think that the Authorities will keep the license of this EMI active doing all this?

Yes, unfortunately. It's still worth reporting but it's not nearly severe enough to revoke a license.

So after all these what are your suggestions?

Move on. Find a new setup.

 

[Martin Everson]

That EMI sounds like hell.

My business is IT totally clear but it seems that they do KYC because of the amounts (?).

Would be interested to know the amounts and EMI and it may all make sense. Some of these EMI's have been fined heavy in past. In any case I would NOT give any Eastern European EMI the level of private information you said they wanted. I would just close account and move on.

 

[JackieTsan]

That EMI sounds like hell.



Would be interested to know the amounts and EMI and it may all make sense. Some of these EMI's have been fined heavy in past. In any case I would NOT give any Eastern European EMI the level of private information you said they wanted. I would just close account and move on.

This experience has been incredibly frustrating, @Martin Everson . I’m genuinely upset with them. Unfortunately, I provided them with extensive documentation and details, yet they continue to demand even more. I even pushed for personal meetings in order to show them the details and nature of the business, which I did.

At this point, i am seriously considering escalating this to the relevant government authorities, not because I want to, but purely for my own protection (actually already had a quick chat and they told me to do it formally). I need to ensure that it’s officially documented that i’ve submitted all the required (or not required?) personal and private documents while they have repeatedly mishandled customer details.

Does anyone have recommendations on where to move?

Someone suggested Currenxie, but my experience with them was terrible. I applied, and within an hour, my application was rejected without them even asking about my business.

I also tried Payoneer, but from day one even for EU-based companies they have been excessively strict with KYC, frequently returning payments to customers for no clear reason. Their service has been a major disappointment as well and that renders their services totally useless.

I am looking for a SERIOUS business EMI, one that offers real customer service, where you can speak with an account manager, have meetings, and engage with real people. I don’t believe that while there have been issued so many licenses across the globe, there is not one serious EMI business around.

I am not interested in EMIs that operate like faceless entities, treating potential customers as if they are disposable. From day one, this Lithuanian EMI has treated me like a criminal, like a scammer, a fraudster, or worse, while I’m a scientist!

Any suggestions? If anyone here can assist, I’d be thankful as I’ve already defined exactly what I need.

Thanks to everyone!

 

[forward]

This experience has been incredibly frustrating, @Martin Everson . I’m genuinely upset with them. Unfortunately, I provided them with extensive documentation and details, yet they continue to demand even more. I even pushed for personal meetings in order to show them the details and nature of the business, which I did.

At this point, i am seriously considering escalating this to the relevant government authorities, not because I want to, but purely for my own protection (actually already had a quick chat and they told me to do it formally). I need to ensure that it’s officially documented that i’ve submitted all the required (or not required?) personal and private documents while they have repeatedly mishandled customer details.

Does anyone have recommendations on where to move?

Someone suggested Currenxie, but my experience with them was terrible. I applied, and within an hour, my application was rejected without them even asking about my business.

I also tried Payoneer, but from day one even for EU-based companies they have been excessively strict with KYC, frequently returning payments to customers for no clear reason. Their service has been a major disappointment as well and that renders their services totally useless.

I am looking for a SERIOUS business EMI, one that offers real customer service, where you can speak with an account manager, have meetings, and engage with real people. I don’t believe that while there have been issued so many licenses across the globe, there is not one serious EMI business around.

I am not interested in EMIs that operate like faceless entities, treating potential customers as if they are disposable. From day one, this Lithuanian EMI has treated me like a criminal, like a scammer, a fraudster, or worse, while I’m a scientist!

Any suggestions? If anyone here can assist, I’d be thankful as I’ve already defined exactly what I need.

Thanks to everyone!

from the experience, you;re triggering the certain compliance threshold with your UAE entity, should've been less hastle if you had the EEA/UK based company, plus if you're non-EEA res...
What are your volumes? The issue is that as long as you need to pay outside of SEPA rails into the UAE, it is always quite complicated with European EMIs.

 

[JackieTsan]

Thank you @forward it’s less than 300k euro total per year gross (maybe around 200-250 depends) but never more than 300k

 

[JackieTsan]

What are your volumes? The issue is that as long as you need to pay outside of SEPA rails into the UAE, it is always quite complicated with European EMIs.

So if they have this issue why do they open accounts for UAE? Definitely, they can’t find more clear business at all, and still they are KYC - useless & waste of time since day 1? Let Lithuania then allow them to open only EU company accounts. Since they can’t do it why they waste their time and our time?

 

[anotherone]

Hello, I have an EMI for my UAE company, which is in Lithuania. For almost all the 3 years I'm working with them they are doing KYC and this never ends. Recently, they have been asking for a few personal details, including many work contracts, previous employers, payslips, etc which i've provided in my good willing.
My business is IT totally clear but it seems that they do KYC because of the amounts (?). Customers are in Europe, all services are really provided etc, nothing shady.
Recently, they start asking for my personal bank accounts statements to see where the company income is going (after them, I am sending the company income to my personal account, which is normal).

Do they have this right legaly to ask for this? I worry a lot as they have a lot of my private documents and I don't see the reason. And they keep asking more.

I am thinking to tell them stop and close the account asap. And I'm not willing to send any other info.

Also, as I'm afraid very much with them having all this bunch of my personal documents and info, I'm thinking to escalate it and complaint to the Board of the Bank of Lithuania at least to be safe and have an official action due to all the very sensitive personal information they have (how safe it is, where it's stored, all communication is over non-encrypted emails etc). One that has all this information that I've provided to them, can commit FRAUD on me, IDENTITY THEFT etc, so with all those documentation shared, there is clearly extremely high risk and question how securely and where is this information stored, are they compliant (like they are asking my company if is compliant etc), are they safe? It happens everywhere, one employee can share the info or take it and go, or even sale it...

So summarizing my questions are:

1) Does the EMI legally have the right to request my PERSONAL bank statements where I send the money (they see where they send the money anyway), as per the KYC?
2) What if I don't provide them (or I provide them masked).
3) Can I just tell them, close the account I'm not willing to give you any more information (but I can have an online call with them and screenshare some info from login in the web banking so they can see where the income has been moved to my personal account, but I'm not willing to share any more personal documents with them).
4) Shall I complaint / escalate the situations and my concerns to the Board of Bank of Lithuania? (I have a few direct connections that can move the escalation asap though).

Suggestions please as it's extremely urgent.

Thank you!

The baltic countries EMI's aren't great for business and i don't understand why people use them. Bankera and co rejected my business application also. I guess they are only interested in small clients.
There is nothing you can do except choosing another jurisdiction. I would suggest you to get interested in Cyprus banks and Emi's. In Cyprus, communication is way better, you can talk about your situation, ask questions about kyc and they will answer in details. In Baltic countries, you'll get vague answers like: "it is in our terms, it is according to our policies...."

 

[cckuhqilfownnfctux]

Can’t say the name but it indeed has finally not good reputation here after researching.

don't tell the full name and just answer a small question, does its name begin with B?

try https://currenxie.com

 

[Martin Everson]

Thank you @forward it’s less than 300k euro total per year gross (maybe around 200-250 depends) but never more than 300k

So for a 300k a year IT Business done via a RAK UAE company all that you have said they demand seems excessive. There must be something about you that triggers them i.e nationality or residency? I would sort that before trying elsewhere first and burning through EMI's. Do you have a high risk passport?

Could also try 3s.money. They are also regulated in UAE, UK and Luxembourg.

---
3S Money Club Limited (DIFC Branch) is regulated by the Dubai Financial Services Authority (DFSA) with DFSA reference number F007004, authorising it under Article 48 of the Regulatory Law 2004 to carry on the Financial Services comprised in Issuing Payment Instruments and Providing or Operating a Payment Account. 3S Money Club Limited (DIFC Branch) is registered in Dubai International Financial Centre, Licence Number CL5587, with its registered office address at Central Park Towers, office 17-37, DIFC, Dubai, UAE.
---

 

[Martin Everson]

try https://currenxie.com

Someone suggested Currenxie, but my experience with them was terrible. I applied, and within an hour, my application was rejected without them even asking about my business.

 

[gh0p]

why are you reluctant to name it?

I second this question what is the deal with naming it? They have thousands of clients and probably you aren't the only one who they ask information about. It would help other OCT members to stay clear and seems reasonable to return the favor since you are asking the community for help.

Lithuania are quite the police state in many aspects. There used to be many crypto (processors) companies there as well as few EMIs but in past years they moved to Estonia (not that it is better privacy-wise but less issues compared) and other countries. Not only for LT corporate but personal accounts it is quite the documentation hell.

I am looking for a SERIOUS business EMI, one that offers real customer service, where you can speak with an account manager, have meetings, and engage with real people. I don’t believe that while there have been issued so many licenses across the globe, there is not one serious EMI business around.

I am not interested in EMIs that operate like faceless entities, treating potential customers as if they are disposable.

For sub 300k yearly turnover don't expect such a service from anyone serious.

I would just close account and move on.

This is the best advice. However I would add find a replacement first before making your move.

If I were in your shoes I would say look for normal onshore bank in the UAE for daily operations/funds store as well as open with an offshore EMI or bank for passthrough transactions - some of these can also give you the benefit of access to SEPA rather than SWIFT transacting. Don't rely on a single EMI either. Good luck!

 

[JackieTsan]

don't tell the full name and just answer a small question, does its name begin with B?

try https://currenxie.com

Currenxie is terrible read my post B Before...

 

[JackieTsan]

The baltic countries EMI's aren't great for business and i don't understand why people use them. Bankera and co rejected my business application also. I guess they are only interested in small clients.
There is nothing you can do except choosing another jurisdiction. I would suggest you to get interested in Cyprus banks and Emi's. In Cyprus, communication is way better, you can talk about your situation, ask questions about kyc and they will answer in details. In Baltic countries, you'll get vague answers like: "it is in our terms, it is according to our policies...."

Can you recommend an EMI that values real communication, cooperation, and professionalism—rather than one that Lithuanian EMIs that seems to torment its clients for no reason?

By the way, I just spoke with a friend who is familiar with the system, and he told me, "They're only putting you through this to create the illusion that they're strictly following compliance, while in reality, they let their connections do as they please."