An authorisation for the operation of a payment institution is only granted to a legal person who has been incorporated and has its head office in the Republic of Cyprus.
In accordance with Provision and Use of Payment Services and Access to Payment Systems Laws of 2018 and 2019 which were enacted for the purposes of harmonisation with the act of the European Community entitled Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, payment services in the Republic of Cyprus may only be provided by a payment institution which has been granted an authorisation by the Central Bank of Cyprus («CBC»).
Our Payment Institutions services include:
- Assist the company in preparing and submitting an application package to CBC to obtain a license, including advice on the best way to set up this company as regards staffing, organisational structure, costs, etc.
- Preparation of a custom-built Programme of Operations;
- Preparation of the the Anti-Money Laundering Manual and Know Your Client (KYC) policies;
- Preparation of the business plan and all other policies and manuals required to be in place under the relevant legislation;
- Review the questionnaires of the shareholders, directors, and heads of departments
- Complete the application form to be submitted to the CBC
- Acting as a Compliance Officer with regards to legislative matters.
- Audit Tax filing requirements.
- Internal Audit Reviews.
- Support the company and assist with any additional work in connection with the follow-up of the processing of the application with CBC until the license is granted or the application is rejected.
- Provision of Non-Executive Directors.
- Provision of Executive Directors.