A license for an Ireland Electronic Money Institution is issued by 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 Central Bank of Ireland, the Financial Services Regulator of Ireland under the European Union (Payment Services) Regulations 2018.
The application has to be submitted with documents signifying the fulfillment of the qualification of the applicant as a fit and proper person. Information about the Proof of source of funds and stability of the business also has to be furnished. Applicants also have to enclose Anti-money Laundering and Anti-terrorist funding policies to be used by the EMI.
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.
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 the 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. The final decision is then conveyed to the applicant.
Empire Global has a team of experienced professionals who will assist you through the entire process of Ireland Electronic Money Institution 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 Electronic Money Institution.