In the UK, it is legally permitted to form a company in the sector of finances and acquire an appropriate authorization from the FCA, which authorizes you to establish an e-money business in lesser than one year around the globe, open IBAN accounts, become a member in SWIFT and SEPA, and offer cards. The holder of the AEMI or EMI license in the UK is authorized to deliver any services in the EEA territory without having to pass separate authorization in any other jurisdiction.
Main peculiarities of EMI and AEMI License
The mechanism of EMIs allows for the delivery of solutions for businesses – banking and crossborder transferring. The core advantages of this monetary vehicle are the following:
- Getting a membership in the SWIFT system;
- Setting up IBAN accounts for customers of the EMI;
- Online account opening, both for natural persons and companies;
- Delivery of MasterCards connected to the customer’s account;
- Delivery of authorised payments to banking organizations around the globe in multiple monetary units;
- Accepting payments from any foreign accounts on the SWIFT platform;
- Setting up correspondent accounts;
- Staying in line with the AML/TF obligations to the business activity.
The scope of the AEMI license in the UK
- Services related to making deposits into a payment account and cash withdrawals;
- Execution of payment operations;
- Issuance of payment tools and/or acquiring of payment operation;
- Payment initiating, remitting funds and account data solutions;
- Issuance of e-funds, and delivery of related payment services.
How to get an AMI and EMI license in the UK
Generally, the process of authorization covers a plethora of obligations for approval, however, the procedure itself is not complicated in the United Kingdom with regard to EMI activities. Firstly, an applicant for the EMI license should satisfy the operational criteria described below:
- The authorized stock must always be accessible in the business’s account.
- A bank account must be opened for individual or corporate purposes;
- Proof of funds must be in place (for instance, a statement from tax offices);
- Absence of any restrictions or prohibitions from the authority of the EU and UK;
- An office must be opened for the company.
- A business model and programme for the next years must be drawn;
- The operation of IT systems or other planned technical solutions must be described;
Official papers for licensing of EMI in the United Kingdom
To get authorization, an applicant is necessitated to submit to the FCA the package of documents alongside the application. It includes but is not limited to the following documentary proofs:
- Articles of association and programme of operations;
- An overview of intended business activity, encompassing a projected budget for the 3 years which ensures that the EMI acts duly and applies the correct internal cοntrol systems, policies and mechanisms;
- An overview of the management roles and internal cοntrol mechanisms used, encοmpassing administrative, risk management and accounting procedures;
- An overview of the internal control mechanisms set up to adhere to the legislation in respect of counteracting to the illicit circulation of funds and terrorist operations funding;
- An overview of the structure of the company, and relations with representatives, intermediaries, individuals or companies through which the EMI plans to deal with e-money or other entities to which services will be outsourced, and an overview of relationships in these payment systems;
- Information about proprietors, upper management, and corporate documentation;
- Information about an audit organization that will carry out scheduled audits or a certified auditor independently executing audits;
- Information about the established office of the company.
If you are interested in obtaining an EMI license in the UK, please contact our experts for consultation.
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