Cyprus Electronic Money Institution Licensing

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Cyprus Electronic Money Institution (EMI) 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 regarding the provisions of the Payment Services Directive in the Cyprus market.

Eltoma Corporate Services have local representatives that can assist you with establishing and authorisation services for EMI licensing and post-license compliance support. With this license, an EMI in Cyprus may offer its services freely within the entire European Union market.

Electronic Money Institutions Licensing in Cyprus

Electronic money is the electronic alternative to cash, which enables users to store funds on a smart phone or device in order to carry out payment transactions online. 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 which transposed into national law in 2012 and 2018. The main licensing authorities in Cyprus is the Central Bank of Cyprus and CySEC.

An Electronic Money Institution (“EMI”) can offer all payment services that a normal Payment Institution can offer 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.

Eltoma’s EMI Services & Comprehensive Support

Eltoma Corporate Services offer full set-up and authorisation / licensing services for EMIs, as well as comprehensive license and post-license compliance assistance.

Our services for obtaining a payment institutions license include:

  • Advisory support for the authorisation and registration of an EMI.
  • Preparation of the Application File in accordance with current regulatory requirements accordingly.
  • Design and build the EMI structure based on individual requirements 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 shareholders, directors particulars of the proposed EMI.
  • Complete the relevant checklists.
  • Guidance for the provision of all 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.

Eltoma Corporate Services Cyprus EMI services includes providing full advisory support towards the authorisation and registration of an EMI in Cyprus. This includes the preparation of the Application in accordance with current regulatory requirements, which include but are not limited to the following:

 

  • Designing and building the EMI structure based on your individual requirements and in a cost-efficient way.
  • Preparation of the Anti-Money Laundering Manual and Know Your Client (KYC) policies.
  • Preparation of the business plan and other policies and manuals required to be in place as per the legislation (2009/110/EC of 16 September 2009).
  • Completing and submitting the application to CySEC.
  • Reviewing the questionnaires of the shareholders, directors, and heads of departments of the proposed EMI.
  • Preparation of the necessary justifications to be submitted to the relevant EU regulatory authority, as applicable.
  • Comprehensive guidance in providing all the necessary documentation and certificates.
  • Respond to CySEC queries related to the application on our clients behalf.

Obtain Your Electronic Money Or Payment Institution License in Cyprus with Eltoma Corporate Services. Contact us for more information. We have local representatives on hand to assist.

 

https://www.centralbank.cy/en/licensing-supervision/electronic-money-institutions/licensing-and-supervision-of-electronic-money-institutions
https://www.centralbank.cy/en/licensing-supervision/electronic-money-institutions