Payment & Electronic Money Institutions Licensing
Payment Institutions Licensing
The provision of Payment Services in Cyprus is regulated by The Payment Services and Access to Payment Systems Laws of 2018 and 2019, which transposed into national law the provisions of the Payment Services Directive 2 (“PSD2”) of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.
As per the European Commission, the revised PSD2 over the previous PSD aims to further modernise Europe’s payment services for the benefit of consumers and businesses. It promotes the development of innovative online and mobile payments, more secure payments, and better consumer protection. At the same time, the directive aims to improve the level-playing field for payment service providers – including new players or FinTechs – and contribute to a more integrated and efficient European payments market. Overall, the updated rules will help to facilitate innovation, competition, and efficiency in the EU online payments market. PSD2 also marks another step towards the completion of the digital single market in the EU and gives consumers more and better choices when it comes to retail payments.
MAP S.Platis offers set-up and authorisation 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 Payment Institutions services include:
- Advisory support towards the authorisation 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 based on your need and in a cost-efficient way;
- Prepare a custom-built Programme of Operations based on your needs and in the most efficient manner;
- Prepare the Anti-Money Laundering Manual and Know Your Client (KYC) policies based on your needs and in the most efficient manner;
- Prepare the business plan and all other policies and manuals required to be in place under the legislation;
- 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 PI;
- 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 event that any exception may be requested;
- Guide you in providing all the necessary documentation and certificates;
- Answer any relevant questions concerning the application process;
- Respond on your behalf to the authority’s queries and suggestions related to the Payment Institutions application.
- Locating qualified Directors and personnel
- Compliance consulting and
- Executive training
Electronic Money Institutions Licensing
Electronic money is the electronic alternative to cash, which enables users to store funds on a device (for example, a card or phone) or use the Internet to carry out payment transactions. This includes operating an electronic trading point and/or e-commerce, as well as the issuance of debit cards.
The provision of electronic money services in Cyprus is regulated by the provisions of The Electronic Money Laws of 2012 and 2018 (‘‘the Law’’) which transposed into national law the following directives of the European Parliament and of the Council:
- 2009/110/EC of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions; and
- (EU) 2015/2366 of 25 November 2015 on payment services in the internal market.
The relevant Regulatory and Licensing Authority in Cyprus is the Central Bank of Cyprus. An Electronic Money Institution (“EMI”) can offer all payment services that a PI can offer in addition to the issuance of electronic money and, once established and duly licensed in Cyprus, it may offer its services freely in the EU by setting up branches or on a cross-border basis without any further authorisation.
The expert team of MAP S.Platis offers full set-up and authorisation / licensing services for EMIs, as well as comprehensive license and post-license compliance support.
Our E-Money institutions services include:
- Advisory support towards the authorisation and registration of an EMI;
- Preparation of the Application File in accordance with current regulatory requirements, to include, among others:
- Design and build the EMI structure based on your needs and in a cost-efficient way;
- Prepare a custom-built Programm of Operations based on your needs and in the most efficient manner;
- Prepare the Anti-Money Laundering Manual and Know Your Client (KYC) policies based on your needs and in the most efficient manner;
- Prepare the business plan and all other policies and manuals required to be in place under the legislation;
- 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 EMI;
- 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 event that any exceptions may be requested;
- Guide you in providing all the necessary documentation and certificates;
- Answer any relevant questions concerning the application process, and;
- Respond on your behalf to the authority’s queries and suggestions related to the application.
- Locating qualified Directors and personnel
- Compliance consulting and
- Executive training
Obtain Your Electronic Money Or Payment Institution License:
Our vastly experienced licensing team has completed the largest number of successful applications in Cyprus for Electronic Money and Payment Institutions. Please complete the contact form below and a member of our expert team will get back to you.
