Become an FCA EMD Agent
Become an FCA EMD Agent: The financial world is buzzing with opportunities, and one of the most thrilling avenues is the Electronic Money Institution (EMI) sector. But, let’s face it, diving into this realm can be as daunting as it is exciting. That’s where our turnkey EMD/EMI agent application solutions come into play, offering a seamless and efficient path into the payment services industry.
We’re not just talking about a basic setup here; we’re offering a full-blown, comprehensive package that handles everything from A to Z.If you’re interested in entering the EMI (Electronic Money Institution) payment services sector but lack the resources and expertise to independently establish and manage an EMI let us guide you. For more information, please contact us at connect@swissfintechpro.com
Comprehensive turnkey EMD/EMI application solutions.
Our Turnkey Solution enables you to become an EMI agent, allowing you to issue IBANs to your clients and facilitate cross-border payments. Focus on marketing while we handle client onboarding, KYC, AML, Compliance, and Reporting with the Bank of Lithuania, as well as ongoing system development, updates, and monitoring.
Advantages of being a sub-licensee include:
- No need to maintain a reserve deposit of a minimum of 350,000 Euros, aiding new business startups.
- Ability to commence business operations within 8 to 12 weeks, compared to 12 months for obtaining a personal license.
- Access to the same services as the main license, which includes:
- Placing money in payment accounts.
- Cash withdrawal services.
- Execution of payment transactions (without a credit line).
- Execution of payment transactions (with a credit line).
- Issuance of payment instruments or acquisition of payment transactions.
- Money remittance.
- Execution of payment transactions via telecommunications, computer systems, or networks.
- Issuance of electronic money.
Our EMD/EMI agent package
Set up Price: 13,000 GBP plus VAT, covering.
- Preparation of All Documentation for the EMD White Label Solution: Ensuring complete and thorough documentation aligned with regulatory requirements.
- Filing and Follow-up of Applications with the FCA: Managed entirely by the EMI, streamlining the application process.
- Introduction to the EMI: Facilitating your initial steps in the EMI ecosystem.
- Company Incorporation: Including drafting the articles of association and registering them with the appropriate registry.
- Assistance with Application Procedures for Authorization: Guiding you through the intricacies of obtaining authorization.
- Business Development Recommendations: Tailored advice aimed at achieving authorization.
- Support in Business Plan Creation: Providing expertise in drafting a robust business plan.
- Implementation of Compliance Procedures: This includes risk mapping, risk control policies, and warning systems covering:
- Banking Compliance
- IT Security Systems
- Data Processing
- Detailed Compliance and Governance Framework, encompassing:
- Governance
- Regulatory Review
- Annual Compliance Reporting
- Systems and Controls
- Communications
- Management Information (MI)
- Non-Financial Crime Compliance Manual
- Compliance Monitoring Plan
- Complaints Policy (including Complaints Handling Policy)
- Whistleblowing Policy and Procedures
- Updated Risk Framework to incorporate all business models, covering Business Risks, Data Risks, Customer Risks, etc.
- Update Financial Crime Documentation (including risk assessments):
- AML (Anti-Money Laundering)
- KYC/IDV (Know Your Customer/Identity Verification)
- Anti-Bribery and Corruption Policies
- Fraud Prevention Measures
- Transaction Monitoring Systems
- Procedures for Reporting Suspicious Activity
Each of these elements is essential for establishing a robust, compliant, and competitive EMI operation. Our assistance aims to cover all bases, ensuring that you can navigate the complex regulatory landscape with confidence and efficiency.
Operating Expenses
The EMI A monthly fee of 7,000 GBP plus VAT, (running your own EMI would cost you at minima 25,000 GBP per month. EMI fees are covering:
- FCA support.
- Full Compliance Help Desk.
- Client Management (onboarding, compliance, KYC, AML).
- Reporting to Financial Authorities and the FCA.
- System monitoring and maintenance of integrations.
- Developer documentation with API web services description.
Conclusion
Stepping into the EMI sector doesn’t have to be a leap in the dark. Our turnkey solution is like a beacon in the financial services sea, guiding you safely to the shores of success. You get a comprehensive package that covers every angle, from legal setup to software solutions, compliance, and beyond. It’s time to turn the key and unlock the door to your future in the EMI world.
For more information, reach out to us at connect@swissfintechpro.com , and let’s embark on this exciting journey together
