The licensing procedure and the operation of E-Money (EMI) and Payment (PI) Institutions in the EU and in Cyprus is regulated by the EU Directive 2009/110/EC and the harmonized Electronic Money Law of 2012. The competent regulatory body for the licensing and the supervision of EMIs in Cyprus is the Central Bank of Cyprus (CBC).
The AGP Financial Services and Advisory team has extensive experience in consulting existing or new E-Money and Payment Institutions considering to relocate to the EU via Cyprus for new business ventures.
Our comprehensive (one-stop-shop) package includes among others the following services:
- Regulatory Advisory Services
- Corporate Services
- Accounting, Audit (Internal & External) & Risk Management Support
- Recruitment, Employment & Immigration
- Post-licensing Support
We offer a comprehensive (one-stop-shop) package which may include among others the following services:
Licensing & Regulatory Advisory Services
- Consulting on the structure of the EMI or PI in the light of the regulatory requirements and in alignment with your objectives;
- Preparing the application form to be submitted to the Central Bank of Cyprus;
- Preparing the Institution's Internal Operations Manual;
- Assisting on the preparation of the Business Plan and Financial Forecasting;
- Preparing the Anti Money Laundering (AML) Manual and the Know Your Client (KYC) Policies and Procedures;
- Assisting on the preparation of the relevant Questionnaires on behalf of the EMI/PI shareholders, directors and senior management staff;
- Liaising with the Central Bank of Cyprus on any issue that may arise during the assessment of the application;
- License activation;
- Passporting to other EU Member States.
Legal & Corporate Services
- Incorporation of the legal entity in Cyprus;
- Drafting the appropriate Memorandum of Association required for the operation of the EMI/PI;
- Drafting Shareholders' agreements, Terms & Conditions etc, if required;
- On-going corporate governance and legal support.
Accounting, Audit & Risk Management
- Accounting and bookkeeping support according to the IFRS and taking into account the specificities of the EMI/PI;
- Appointment of External and Internal Auditors;
- Risk Management Support services.
Recruitment, Employment & Immigration
- Assisting on the personnel recruitment (senior management & service providers), if required;
- Drafting of employment contracts;
- Assisting on migration (residence and work permits) and labor office matters for the foreign employees of the EMI/PI.
- Ongoing post-licensing legal and regulatory advisory and support in order to ensure that the EMI/PI remains in compliance with the current regulations at all times and to avoid thereby any onerous sanctions.
Following an application prepared and submitted by the AGP Financial Services and Advisory team, the Central Bank of Cyprus granted to our client, OKPAY (Cyprus) Ltd, the authorization to operate as Electronic Money Institution in Cyprus and in the EU.
We currently are in the process of submitting multiple EMI and PI applications to the Central Bank of Cyprus.