AEMI license in Czech Republic

Published:
March 13, 2023
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Today’s country has favorable legislation that makes it easy to register and conduct business in the country. The government seeks to create favorable conditions for entrepreneurial activity, which makes the Czech Republic one of the most suitable countries for obtaining a permission for an Electronic Money Institution.

Authorized Electronic Money Institution (AEMI) in the Czech Republic is a legal firm that has the right to carry out electronic payment transmissions. Such organizations hold virtual money that can be used to make payments online and in stores, as well as to make money transfers.

AEMI permission

In the Czech Republic, there is legislation that requires virtual money institutions to obtain a license to carry out their activities. The Authorised e-money license in Czech Republic is one of the authorization documents that gives the right to carry out operations with electronic funds in the territory of the Czech Republic.

Obtaining an AEMI license is a complex and lengthy process. In order to obtain a license, a number of requirements must be met, including requirements for the capital and liquidity of the firm, anti-money laundering procedures, protection of personal data of customers, and others. Organizations wishing to get AEMI license in Czech Republic must also provide adequate infrastructure and security systems for the storage and transfer of funds.

Benefits of obtaining

Obtaining an AEMI license in the Czech Republic has several advantages for a business. Here are some of them:

  1. Ability to make electronic payments: An AEMI license enables a business to make virtual payments through its own payment system. This can make paying for goods and services much easier for customers, especially those who do not have access to traditional payment methods.
  2. Expanding your customer base: Electronic payments allow businesses to gain access to new customers that may be unreachable through traditional payment procedures. This can increase the company’s sales and profits.
  3. Reduced cash transfer costs: Since most transactions are done electronically, a company can reduce cash transaction costs such as collecting and storing money.
  4. Expansion of business geography: With the help of AEMI license, the company can expand its business internationally. This makes it possible to make payments in different countries and work with clients from all over the world.
  5. Business Legalization: Obtaining an AEMI license allows a biz to legalize its activities, which enables it to attract more investors and increase customer confidence in the company.

Requirements for AEMI license in Czech Republic

Obtaining a license to operate an Electronic Money Institution (EMI) in the Czech Republic is a subject to certain requirements regarding capital, company structure, and other aspects.

The main requirements for obtaining an Authorised electronic money institution license in Czech Republic include the following:

  • Minimum capital. Companies applying for an AEMI license in the Czech Republic must have a minimum capital of EUR 350,000.
  • The organizational structure. Companies must have an organizational structure that allows them to effectively perform their functions and comply with information security rules.
  • Risk management system. Companies must have a risk management system that allows them to effectively identify, assess and manage the risks associated with their activities.
  • Financial stability. Companies must have financial stability and be able to secure their financing.
  • Informational security. Firms must comply with adjustment regarding the collection, processing, storage and security of info.
  • Compliance with the rules. Firms must comply with the rules established by the National Bank of the Czech Republic regarding the conduct of AEMI activities.

Documents that need prepare

The documents that need to be prepared to obtain AEMI license in Czech Republic may vary depending on the specific case, but the following are usually required:

  • Application for an EMI license to be submitted to the Czech National Banking Commission (CNB).
  • The charter of the company, which must be registered in the Czech Republic.
  • A description of the company’s business plan, which should contain information about the goals, objectives and strategies of the company’s activities, a description of the process of issuing electronic money, information about the risks associated with the company’s activities, etc.
  • Description of internal control and risk administration procedures.
  • Documents that prove the financial stability of the company, such as accounting reports, balance sheets, profit and loss statements, bank statements, etc.
  • Documents that confirm the identity of persons associated with the company, such as passports, driver’s licenses, residence documents, etc.
  • Documents confirming the company’s right to use software for issuing electronic money.
  • Documents confirming the technical and organizational structure of the company.
  • Documents that confirm the existence of the necessary data protection and privacy procedures.

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