Licensed electronic money institution
Combination of speed, reputation and systematic approach – that’s Estonia! And if you want your electronic money institution to be part of this system, let’s make it happen with Aniva Consulting!
Estonia has become well-known mainly for crypto licenses, however, it’s an important place for EMIs too. So, what do you need to do for the application?
Your e-money license application must contain following documents:
- business plan
- safeguarding policy, describing the security of clients’ funds
- risk management policy
- security incidents policy
- complaints policy
- AML policy (and procedures potentially)
There are other important requirements, like local office space, the director and compliance officer must be residents, a minimum capital requirement of €350,000 and requirements on the quality of directors (education and experience).
In your EMI application, you will also need to provide details of your IT personnel and systems, including both core systems and any additional connected systems. The regulator will expect to see that you have these in place before it issues your EMI license.
On the positive side, once you have an EMI license there are big advantages to benefit from. One of them is passporting all around European Union by just submitting a notification to the local supervisory body. To further explain, passporting means that if your company is authorised to undertake certain activities by the regulator of one EU member state, it can apply for a ‘passport’ to do business throughout the EU without needing further authorization. Now that’s a significant advantage as you get to cover multiple markets under a single license which also keeps the cost of setting up in other jurisdictions low.
If you want to know more about an Estonian EMI license, feel free to contact Aniva Consulting!