In essence, Small Electronic Money Institutions (SEMI) are a blend of Small Payment Institutions and Electronic Money Institutions. This simply means that SEMIs can offer some payment services and deal with the issuance and redemption of electronic funds under certain limitations. In order to do this, they must obtain what is known as a SEMI License. While it is understood that such an institution must comply with The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, they must also meet the regulator’s key requirements. It is imperative that a SEMI generates a monthly average outstanding electronic money that does not exceed €5m and it must also provide evidence that in the year prior to the application for a SEMI license, the firm’s monthly average of payment services transactions was no more than €3m.
- Applying for a New SEMI License in the UK
This page was last updated on May 29, 2023.