LMENA

Lacplesa str. 20A-1, Riga, LV-1011, Latvia

info@lmena.lv

+371 67 399 001

Representing interests of payments
service providers and electronic money
institutions

JOIN US

ABOUT US

Association of Latvian Payment Services and Electronic Money Institutions is a nonprofit organization,
whose operation is directed by the members of association. The Association represents the interests of
payment service providers and electronic money institutions.

The Association was founded in 2016 to ease and assist solving issues related to the improvements of
regulatory framework, to represent the interests of payment service providers and electronic money
institutions in different organizations. The Association also aims to promote and strengthen corporate
governance and responsibility, contribute to consumer rights and client funds protection compliance,
and make a positive contribution to AML-CFT.

Association also plans to participate actively in promoting labor training and education.

MEMBERS

Members of Association of Latvian payment and
electronic money service providers:

ENROLLMENT

Association of Latvian Payment Services and
Electronic Money Institutions accepts members that
are registered credit institutions, electronic money
institutions, payment institutions and other
institutions defined by the Payment Services and
Electronic Money Law, Article 2 (Entities). Members
of the Association can also be licensed Entities.
To become a member of the Association you need to
submit written application form approved by the
Association.

APPLICATION FORM

REGULATIONS

Main objective of the Association of Latvian Payment Services and Electronic Money Institutions is to
promote development and strengthen Latvian payment service providers and electronic money
institutions position in the market.

To achieve the objective, the Association has set following activities:

Active representation of professional interests, needs and rights of the members in negotiations with Latvian
and international institutions and organizations

Training and up-skilling employees of payment service providers and electronic money institutions

Providing consultations on individual, methodological, legal, etc. matters for the members of the Association

Promoting cooperation between the members and coordinating joint projects on behalf of the members of the
Association

Conducting monitoring of the information and promoting the exchange of experiences between the members of
Association

Coordinating and solving common issues of payment service providers and electronic money institutions

Advocating rights and interests of the members of the Association

The Association is led by the board consisting of three board members. The members of the board are voting to elect the Chairman of the Board for a period of one year.

The responsibilities of the Chairman of the Board are:

To manage and organize the work of the Board

To manage board meetings and to sign Meeting minutes

Convene meetings of the members of the Association and organize execution of decisions and tasks agreed upon by the Board and the members of the Association

Allocate and spend the Association's budget in accordance with the members' meetings and decisions of the Board

To negotiate and enter into contracts on behalf of the Association

Hire, dismiss and determine the remuneration of the Association's staff

To represent the Association in relations with third-parties including govermental and other organizations as well as foreign and international organizations

Financial and economic activities of the Association are controlled by the Audit Commision. The Audit Commision consists of a Chairman and two members elected by the Members' Meeting for a period of three years.

Audit Committee's responsibility is to:

Perform inventory and financial audit of the Association

Give a consent on the Association's budget and annual financial report

Evaluate accounting and records management of the Association

Make recommendations on improvements of financial and economic activities to the Association

Dmitrijs Kačanovs
Chairman of the Board

+371 20153202
d.kacanovs@lmena.lv

Andrejs Bosko
Member of the Board

+371 67226717
a.bosko@lmena.lv

Staņislavs Čaikovskis
Member of the Board

+371 29415155
s.caikovskis@lmena.lv