Electronic Money Institutions

The Competent Professionals Team (CPT) of Secqoia can help you obtain an Electronic Money Institution license under the Central Bank of Cyprus (CBC).

In accordance with the provisions of  the Electronic Money Law, 2012 (the “Law”) which was enacted for the purposes of harmonization with the act of the European Community entitled “Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009” amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC, electronic money services in the Republic of Cyprus may only be provided by an Electronic Money Institution which has been granted an authorization by the Central Bank of Cyprus (“CBC”).

An authorization for the operation of an Electronic Money Institution is only granted to a legal person that has been incorporated and has its head office in the Republic of Cyprus. For the purpose of obtaining an authorization as an Electronic Money Institution, interested persons must submit an application to the CBC accompanied by specific information and documents, as prescribed in the Electronic Money Institutions Directive (241/2012) issued by the CBC by virtue of the powers vested in it under the Law.  In the aforementioned Directive the following are also, inter alia, defined:

• The amount of the initial capital as well as the amount of own funds that Electronic Money Institutions are required to maintain;
• The methods for safeguarding the funds received by Electronic Money Institutions;
• The delegation of operational functions to third parties;
• The right to exercise the freedom of establishment and the freedom to provide services in another EU member state without establishment; and,
• The criteria which an agent of an Electronic Money Institution must fulfil in order to be listed in the public register maintained by the Central Bank of Cyprus.

Secqoia can provide the following:

• Incorporation of a Cyprus Company limited by shares (including all relevant corporate documentation, including but not limited to Memorandum and Articles of Association, Certificate of Registered Office, Certificate of Shareholders, Certificate of Directors and Secretary)
• Consultation on designing a proper, cost-effective operational structure
• Completion of the relevant “Application File” to be submitted to the CBC:
  • Preparation of a customized Internal Operations Manual according to EU regulations
  • Preparation of the relevant Business Plan
  • Preparation of the Anti-Money Laundering Manual (AML Manual) including all relevant KYC and Client Acceptance Policies and Procedures
  • Review of the questionnaires of the shareholders, directors, and senior management of the proposed ASP
  • Assistance and guidance in providing necessary documentation and certificates
  • Completion and Preparation of the application form
  • Preparation of letter(s) to accompany the application, if necessary
  • Submission of the application form to CBC
• Post Application submission follow up and response to communication with CBC
• Assistance in locating and recruiting appropriate personnel
• Advise on fees payable to CBC
• Support on inquiries concerning the application process

Secqoia offers the aforementioned package of services under the industry’s most competitive terms.

For more information, please feel free to contact us.