The main requirements that make an entity eligible to apply for a SEMI License are the following:
- The firm must provide evidence that monthly average outstanding electronic money must not exceed €5m.
- The firm must 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.
- A segregated client bank account or an insurance policy to safeguard client funds.
- A well reputed and qualified management body.
To apply for an S-EMI License you must submit all the following required documents:
- A SEMI License application form submitted to the FCA through their website using Connect.
- A business plan
- If applicable, your business plan must also state the payment services that you may conduct
- If applicable, a description of your internal procedures and governance structures while conducting the business
- Evidence proving that when trading begins, the e-money business will generate a monthly average outstanding electronic money of less than €5m
- Evidence proving that in the last 12 months before submitting the application, the monthly average of payment services transactions did not exceed €3m. In the case that the firm has not traded before, this assessment can be based on projections.
- A description of the policy regarding the funds of e-money holders that will be safeguarded by the firm
- Evidence proving that the initial capital requirements have been met by the firm requesting a license
- EMD Individual forms for all directors of the business
- EMD form for MLRO (Money Laundering Reporting Officer)
- EMD Qualifying Holding forms for all Shareholders who have shares of over 10%
- CV of the business directorate
- Photocopy Passport of all directors
- CV of the MLRO
- Photocopy Passport of MLRO
- Proof of Address for all individuals involved in the business
- System Details in the form of screenshots
- Anti-Money Laundering Policies drafted by the business
- Risk Assessment Policy drafted by the company
- Sensitive Payment data Plan
- IT Security Policy drafted by the company
- Statistical Data Collection
- Evidence of the training received by all individuals holding managerial positions
This page was last updated on September 19, 2022.