Eternity Law International — Payment & E-Money Institutions — EMI License — Obtaining an EMI license in Australia

Obtaining an EMI license in Australia

Published:
June 4, 2020

Obtaining an EMI license in Australia – one of the most attractive options for doing business. For this reason, in all search engines on the World Wide Web, a query often appears on the topic of how to register a company in a given country.

Among the most active areas of business on the mainland kangaroo is the field of finance. But for the sake of doing business in the Australian world of money, you need to obtain permission for this activity (and, if necessary, for digital finance).

A financial services license (AFS) is required for such a business, unless you have an exemption from it, or you are already an entity authorized to provide these services in the format of an approved representative of another entity.

WHERE TO USE AFS

You must receive this documentation if:

  • advise clients on monetary matters;
  • conclude contracts for financial products;
  • create a market niche for financial products;
  • perform operations with registered circuits;
  • Perform the functions of a depository of financial preservation;
  • represent the services of a trust fund.

First providing fin. of services, you must be the holder of an AFS permit or be a representative of a person who already has this document.

You are also able to apply for a limited AFS license, however this fact depends on the scope of your business.

For customers, the procedure for issuing a license is an assessment of the recipient of this document for the period of application, as for owners or staff, this is not the case.

In simple words, the possession of an AFS license does not determine the high-quality services or the scrupulousness of its holder.

REGULATION OF AUSTRALIAN PAYMENT SYSTEMS

Payment products regulated by the Australian Securities and Deposit Commission (ASIC) are renowned as non-cash payment systems (NCPs).

These payments are not made by subject transfer of local or foreign currency.

Examples of NCP payment methods include bank cards with a certain amount in the account, digital finance and other services for automatic debit.

If you provide cashless payment services, you also need to obtain an AFS license.

A document is needed if you:

  • operate with cashless payment mechanisms as a product developer;
  • provide other financial services, such as advising clients on monetary matters.

But, as always, there are some exceptions to the rules, which we will discuss below. Given the services you intend to provide, you will be able to comply with the law as an authorized representative or licensee.

AFS FINDING EXCLUSIONS

NCP non-cash payment systems that fall into one of the categories listed below may be exempted from compulsory obtaining an Australian digital finance license:

  • operations are allowed only to one person;
  • the financial side of the product is relegated to the background with respect to the system, the main purpose is not related to monetary services;
  • the system performs the fin. operations transferred to credit organizations;
  • one-time digital transfers are provided, that is, between you and the customers there is no permanent agreement on the transfer of finances.

In addition, ASIC identified certain exceptions for specific financial products. For example, you are not required to obtain permission to provide financial services in the following areas:

  • you provide loyalty schemes – low-cost systems work here, when the largest amount per person is 1 thousand US dollars, and the total amount of money is not more than 10 million US dollars;
  • You represent a one-time gift-only product.

Details of exceptions are found in the 185 Cash Management Guide.

REQUIREMENTS FOR OBTAINING AUSTRALIAN ELECTRONIC PERMISSION

The requirements for obtaining this document will depend on the services you provide. For example, manufacturers of products need:

  • Demonstrate to retail customers comprehensive product data (PDS), which will contain enough information to enable the customer to make the right decision to purchase your product or not;
  • Provide retail customers with up-to-date and truthful information about the financial product and timely inform customers about both minor and significant changes regarding the NCP system.

The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.

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