Emoney and Payment Institution licence in Cyprus
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Applying to be an Electronic Money Institution

The firm has been engaged to provide the following e-money licence service

Emoney License application based on the 2nd Emoney Directive that allows Emoney License requested by the Client as regards issues concerning Cyprus Law and corporate law advice.
We can assist for gathering and providing all below compulsory requirements (a-l). Every application for the authorization of an electronic money institution shall be submitted together with the following:

(a) A program of operations, setting out in particular the issue of electronic money and the type of any possible payment services envisaged.

(b) A business plan including a forecast budget calculation for the first three financial years, which demonstrates that the applicant is able to employ the appropriate and proportionate systems, resources and procedures to operate soundly.

(c) Evidence that the applying company for authorization holds the required initial capital (Minimum share Capital requirement is 350.000 Euros but I advice that any applicant provides
500.000 Euros in cash as share capital instead).

(d) A description of the measures taken to ensure compliance with section 13 of the Electronic Money Law of 2012.

(e) A description of the applicant’s governance arrangements and internal control mechanisms, including administrative, risk management and accounting procedures, which demonstrates that these governance arrangements, control mechanisms and procedures are proportionate, appropriate, sound and adequate.

(f) A description of the internal control mechanisms which the applicant has established in order to comply with obligations in relation to the Prevention and Suppression of Money Laundering Activities Laws of 2007 and 2010 and Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 on information on the payer accompanying transfers of funds, as amended or replaced.

(g) A description of the participation of the applicant in a national or international payment system as well as the intended arrangements for outsourcing of operational activities, the intended use of agents and branches and the intended use of natural or legal persons for the distribution and redemption of electronic money.

(h) The identity of the persons that have, directly or indirectly, control of the applicant, including the identity of the natural persons that hold, directly or indirectly, shares or voting rights in one or more legal persons that have control of the applicant, as well as details on the size of the actual participation of these persons and their suitability, taking into account the need to ensure the sound and prudent management of an electronic money institution.

(i) The identity of directors and persons responsible for the management of the electronic money institution and, where relevant, persons responsible for the management of the issue of electronic money and the provision of payment services activities, as well as evidence that they are of good repute and possess appropriate knowledge and experience to issue electronic money and perform payment services, and in particular copy of clean criminal record report, non-bankruptcy report, description of professional and academic qualifications, managerial or board positions held in other legal persons, previous employments and experience in the issue of electronic money and the provision of payment services.

(j) The identity of statutory auditors along with a description of its audit arrangements and the organizational arrangements it has set up with a view to taking all reasonable steps to protect the interests of the holders of electronic money and of the users of payment services and to ensure continuity and reliability in the issue of electronic money, including the redemption of electronic money, and to ensure continuity and reliability in the performance of payment services.

(k) The applicant’s legal status and articles of association

(l) The address of the applicant’s head office.