Payment Services Advisory

The provision of Payment Services in Cyprus and the EU is regulated by the Payment Services Directive of the European Union (PSD), which is transposed into the national legislation of Cyprus via Law 128(1) of 2009.
 
The PSD provides the legal foundation for the creation of an EU-wide single market for payments. The PSD aims at establishing a modern and comprehensive set of rules applicable to all payment services in the European Union. The target is to make cross-border payments as easy, efficient and secure as 'national' payments within a Member State. The PSD also seeks to improve competition by opening up payment markets to new entrants, thus fostering greater efficiency and cost-reduction. At the same time the Directive provides the necessary legal platform for the Single Euro Payments Area.
 
MAP S.Platis offers set-up and authorization services for a Payment Institution (PI) license and post-license compliance support. With this license a PI may offer its services freely in the entire European Union.
 
Our services include: 

• Advisory support towards authorization and registration of a PI.
• Preparation of the Application File in accordance with current regulatory requirements, to include, among others:
  • design and build the PI structure, and based on your needs (in a way that it shall be cost-efficient),
  • prepare a custom-built Operations Manual, in the most efficient manner, and based on your needs,
  • prepare the Money Laundering Manual and the Know Your Client (KYC) policies, in the most efficient manner and based on your needs,
  • prepare the business plan,
  • complete the application form to be submitted to the relevant EU regulatory authority
  • review the questionnaires of the shareholders, directors and heads of departments of the proposed IF,
  • locate qualified executive and non-executive directors (if needed),
  • complete the relevant checklists,
  • prepare necessary justifications to be submitted to the relevant EU regulatory authority, as applicable,
  • prepare the letter(s) to accompany the application, in the events that any exceptions may be requested, as applicable,
  • guide you in providing all the necessary documentation and certificates,
  • answer to any relevant questions concerning the application process,
  • undertake to be responding, on your behalf, to the authority's queries, and suggestions relating to the application.
• ocating qualified Directors and personnel for PIs and Banks.
• Full legal, accounting and auditing support of PIs and Banks.
• Compliance consulting to PIs and Banks.
• Executive Training to personnel of PI and Banks.

For more information and to compare our prices please feel free to contact us.