A license for an Ireland Electronic Money Institution is issued by the Central Bank of Ireland, the Financial Services Regulator of Ireland under the Payment Institutions and E-money Institutions Act. A license for an Ireland Electronic Money Institution (EMI) is issued by the Central Bank of Ireland, the Financial Services Regulator of Ireland under the European Union (Payment Services) Regulations 2018.
Ireland Electronic Money Institution (EMI) License
An Ireland EMI license is essential to provide electronic payment services within the country. As Ireland is a member of the EU, any licenses obtained from the country may also be used to provide payment services across the EU subject to completion of local registration requirements in the other country.
Ireland EMI License Costs
The fee for an application for a license varies on a case to case basis but is considered to be amongst the most cost-effective in the European Union.
Empire Global has a team of experienced professionals who will assist you through the entire process of Ireland EMI License application including assistance in the preparation of documents, submission of application and responding to any queries from the Central Bank of Ireland. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for an Ireland EMI License.
How can I get an Ireland EMI License?
An application for an Ireland Electronic Money Institution has to be made to the Central Bank of Ireland. The licenses for an Ireland Electronic Money Institution (EMI) will be granted subject to the applicant fulfilling the requirements set by the Central Bank of Ireland and the Act.
What are Ireland EMI License Requirements?
An application for an Ireland EMI License is a well drawn out process and it is highly recommended that you obtain the services of an Ireland EMI attorney for the process.
The application process is a five-step process consisting of the following steps:
Step 1: Submission of the Application with key documents: The application has to be submitted with documents signifying the fulfillment of the following conditions:
- Qualification of the applicant as a fit and proper person
- Proof of source of funds and stability of the business
- Anti-money Laundering and Anti-terrorist funding policies
- Other documents sought by the Central Bank
The receipt of the application is confirmed within 3 days by the Central Bank
Step 2: Within 10 days of the submission of the application, the Central Bank will make a preliminary evaluation of the application and inform the applicant if the application will move forward to the next step or should be resubmitted.
Step 3: Within 90 days of the application, the Central Bank will normally take a decision on the application. However, if it finds that any additional information has to be submitted, then it may request the applicant for clarification and the 90-day clock is paused. The applicant has to reply with the clarification within 60 days or the application is not processed.
Step 4: The Central Bank will inform the applicant about the result of the assessment. In case the Central Bank is not satisfied, it may request additional clarifications from the applicant.