AEMI license in Ireland

This article provides info for business-companies thinking about applying for authorization as an AEMI. The Central Bank of Ireland is the appropriate body in Ireland for the authorization and inspection of e-money institutions.

Principles of AEMI in Ireland for sale

Bank of Ireland hopes that firms fully understand the risks associated with their business model and operations. As a general principle relevant to all business-companies, the CB expects them to:

• Have sufficient financial resources, including in conditions of probable but severe stress;
• Have sustainable business models;
• Well managed and will have effective control mechanisms;
• Be able to solve problems, if any. If this fails, then they should be resolved in an orderly manner without significant external influences.

Why do I need an EMI authorization in Ireland?

From an objective perspective, the authorization process is needed to reassure the Central Bank in an evidence-based manner that business-companies have the capacity to manage all risks and all administration systems are adequate and will operate as described in the post.

Thereafter, companies seeking to become a regulated firm are expected to be fully informed of the Central Bank’s wider regulatory expectations following authorised electronic money institution license in Ireland. Also, it is necessary to carefully and actively consider the demands and instructions presented by the bank in the notification for the regulation of companies.

EMI companies, every year play an increasingly important role in the lives of people and consumers in general. Therefore, a company’s failure to fulfill its obligations, violation of regulatory demands, etc., can have a large impact on customers and consumers who use and rely on these services.

Advice on opening and authorised e-money license in Ireland

• Go beyond consumer protection obligations under the law and be proactive and diligent in ensuring they conduct biz in a way that protects consumers and investors.
• Ensure that a customer-centric culture is evident and demonstrable throughout the structure. Companies must demonstrate robust board oversight and control (particularly throughout the product/service lifecycle), conduct comprehensive staff training, and measure key company culture metrics.
• Regularly monitor and monitor behavior and culture within their organizations, and reflect on any gaps in the collective understanding of what “customer centricity” really means for their firm.
• Firms need to guarantee they have the right structures, processes and systems in place to support customer-centric behaviour.

Requirements for AEMI license in Ireland

If you want to issue e-money in Ireland or provide payment services, you must fulfill the following conditions without fail:

• Submit a fully completed and signed application;
• Specify the applicant’s data for identification;
• Submit a business plan;
• Confirm initial capital (350,000 EUR);
• Provide procedures for monitoring, processing and safety control, tracking and restricting access to confidential payment data;
• Submit info on biz continuity mechanisms, internal controls to fulfill obligations in relation to the AML policy;
• Submit info about the sharers, including the structure of the group and the necessary supporting documents;
• Professional liability insurance;
• Get approval from the CBI for leadership and some of the company’s managers;
• Establish minimum standards to protect client funds.

Documents that you need to obtain AEMI license in Ireland

Companies applying for AEMI license in Ireland for sale must have the following documentation:

• EMI authorization application form;
• Anti-money laundering risk assessment of prior authorization;
• Questionnaire for applicants of e-money institutions;
• Statement for a legal entity with appropriate shares in the applicant e-money establishment;
• Request for a natural person who has a relevant participation in the e-money institution that submits the application;
• An application for the position of director with the appropriate shares in the applicant’s EMI;
• Individual Fitness and Integrity Questionnaires for all posts in Controlled Functions (PCFs) prior to approval submitted electronically through the Central Bank’s Online Reporting System (ONR).