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Main Requirements to Apply for an EMI License in the UK

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.