• Electronic Money Institution licensing
  • Electronic Money Institution licensing
  • Electronic Money Institution licensing
     
print this page

Electronic Money Institution Licensing

The licensing procedure and the operation of Electronic Money Institutions (EMI) in the EU and in Cyprus is regulated by the EU Directive 2009/110/EC and the harmonized Electronic Money Law of 2012. Furthermore, please note that the competent regulatory body for the licensing and the supervision of EMIs in Cyprus is the Central Bank of Cyprus (CBC).

The AGP regulatory team has extensive experience in consulting existing Electronic Money Institutions considering to relocate to the EU via Cyprus as well as preparing applications for EMI licences for new business ventures.

Our Services

We offer a comprehensive (one-stop-shop) package which may include among others the following services:

Regulatory Advisory Services
  • Consulting on the structure of the EMI in the light of the regulatory requirements and in alignment with your objectives; 
  • Preparing the application form to be submitted to the Central Bank of Cyprus;
  • Preparing the Institution's Internal Operations Manual;
  • Assisting on the preparation of the business plan and financial forecasting;
  • Preparing the Anti Money Laundering Manual and the Know Your Client (KYC) policies and procedures;
  • Assisting on the preparation of the questionnaires on behalf of the EMI shareholders, directors and senior management staff;
  • Liasing with the Central Bank of Cyprus on any issue that may arise during the assessment of the application;
Corporate Services
  • Incorporation of the legal entity in Cyprus;
  • Drafting the appropriate Memorandum of Association required for the operation of the EMI;
  • Drafting Shareholders' agreements etc., if required;

Accounting & Audit

  • Accounting and bookkeeping support according to the IFRS and taking into account the specificities of the EMI;
  • Audit services;

Recruitment, Employment & Immigration

  • Assisting on the personnel recruitment (senior management & service providers), if required;
  • Drafting the employment contracts;
  • Assisting on migration (residence and work permits) and labor office matters for the foreign employees of the EMI;

Post-licensing Support

  • Ongoing post-licensing legal and regulatory advisory and support in order to ensure that the EMI remains in compliance with the current regulations at all times and to avoid thereby any onerous sanctions.

Our Practice

Following an application prepared and submitted by the AGP Regulatory Services team, on the 20th of October 2015 the Central Bank of Cyprus granted to our client, OKPAY, the authorization to operate as Electronic Money Institution in Cyprus and in the EU. Please see our related press release.

For the FAQ on the EMI licensing, you can read our related article.

For legal and regulatory advice on applying for an Electronic Money Institution licence, please contact us.

loading