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Electronic Money Payment Institutions

Michalaki, Pitsillidou Law Firm > Electronic Money Payment Institutions

 

 

Image result for E – MONEY PAYMENT INSTITUTIONS

 

 

The licensing procedure of E-money (EMI) and Payment Institutions in the legal system of Cyprus is mainly adjusted by the consistent Electronic Money Law 2012 and regulated by the EU Directive 2009/110/EC. The knowledgeable regulatory body for the licensing and the supervision of E-money and Payment Institutions in the country is the Central Bank of Cyprus.

The Michalaki, Pitsillidou and Co LLC’s Financial Services and Advisory team has the opportunity to consult E-money and Payment Institutions, which are considered to convey from Cyprus to the EU for new business ventures.

 

  • Our actions include services of:
  • Regulatory Advisory Services
  • Licensing and Post-Licensing Support
  • Corporate Services
  • Risk Accounting and Management Support
  • Internal and External Audit Services
  • Employment, Immigration and Recruitment Services

 

  • Our practices involve:
  • Consultation of the structural design of the Institution.
  • Company registration with the specifically drafted Memorandum of Association.
  • Completion of the Application Form to be submitted to the CBC.
  • Preparation and drafting of the Institution’s Internal Operations Manual according to specified regulations.
  • Preparation of Business Plan and financial forecasting.
  • Preparation of Operation Procedures Manual in accordance with Money Laundering and Terrorist Financing regulations.
  • Assistance on preparation of questionnaires on behalf of the Institution’s shareholders, directors and senior management staff.
  • Follow-up the application and communication with the CBC during the process of assessment.
  • Assistance on company personnel recruitment (senior management & service providers) if necessary.
  • Assistance on migration and labor office matters for foreign employees of the Institution.

 

 

 

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