To apply for an EMI License in the UK, you are required to submit the following with your application:
- A detailed program of operations including the type of electronic money issuance and payment services.
- A business plan including forecast budget calculation for the first three years of operations.
- Initial capital requirement of at least €350,000.
- Detailed description of safety measures taken for safeguarding electronic money holders and service users’ funds.
- Description of the company’s governance structure including internal controls and evidence of compliance with the Money Laundering Regulations.
- Description of the company structure including agents, branches, etc.
- Details of qualifying holding in the applicant.
- Identity of directors (details of their good repute and appropriate knowledge and experience to issue electronic money and offer payment services)
- CV of Directors
- Passport of Directors(Copy)
- Identity of auditors, if any.
- Legal status of the applicant
- Head office address
- EMD Individual forms for All directors
- EMD form for MLRO
- EMD Qualifying Holding forms for all Shareholders over 10% Shares.
- CV of MLRO
- Passport of MLRO(Copy)
- Proof of Address for All
- System Details (Screenshots)
- Risk Assessment Policy
- Sensitive Payment data Plan
- Governance Arrangements
- Safeguarding Policy
- IT Security Policy
- Statistical Data Collection
- Training for All Management
- Hiring of at least 3 experienced staff
This page was last updated on September 21, 2022.