AEMI license in Ireland

Published:
March 13, 2023
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Ireland has one of the most developed virtual money industries in Europe. The country has several key players in the market such as PayPal, Stripe and Skrill. These firms issue virtual money and supply remittance favors to millions of customers worldwide.

Overview

The E-Money Act in country requires all electronic money issuers to be licensed by the Central Bank of Ireland. This includes the issuance of virtual money, money transfers and custody of customer funds. The law also protects consumers from fraud and abuse.

In addition, Ireland has an active policy regarding the growth of monetary technologies (FinTech). There are various support programs for FinTech startups in the country, which allows them to develop and attract investments. There are also several incubators and accelerators in Ireland that help new firms implement their ideas and develop their business.

Benefits of obtaining

Obtaining an AEMI license in Ireland can have several benefits, including:

  • Access to a large market: Ireland is part of the European Union, which allows an AEMI licensed in the country to have access to a large European market.
  • Improved credibility: Obtaining a license from the Central Bank of Ireland can improve customer confidence in your company, as the license demonstrates that it meets regulatory requirements for financial soundness and security.
  • Flexibility: An Irish permit for an Electronic Money Institution allows for a variety of monetary transmissions, including the issuance of electronic money, the custody of customer funds and the transfer of funds.
  • Low taxes: The Irish tax regime is one of the most attractive in Europe for business. Obtaining an AEMI  license in Ireland can reduce tax costs and improve overall business profitability.
  • Innovation: Ireland is known for its innovative technology and business approaches. Obtaining an Authorised e-money license in Ireland can allow the company to use modern technologies and develop new products and favors, which will allow it to compete in the international market.

Requirements for AEMI license in Ireland

Obtaining an AEMI license in Ireland is regulated by the Central Bank of country and takes place in accordance with the Central Bank of state AEMI Rules and Processes.

The main demands for an applicant for an Authorised electronic money institution license in Ireland include the following:

  1. The applicant must be a legal entity registered in Ireland.
  2. The applicant must have an effective risk administration system and an appropriate level of capital.
  3. The applicant must have adequate technical and organizational means to ensure the security and protection of personal data of customers.
  4. The applicant must have adequate procedures in place to prevent terrorist providing and money laundering.

Which services you could provide with license

After obtaining an AEMI permission, a firm can perform various functions related to e-money such as e-payments, e-money transfers and other services.

Please note that obtaining an AEMI license in Ireland can be quite a complex and lengthy process, so it is recommended that you contact professional advisers or law firms experienced in this area for assistance and support in this matter.

Documents you need to prepare

To obtain an AEMI license in Ireland, the applicant must submit the following documentation to the Central Bank of Ireland:

  • A complete description of the business model, which covers the mechanisms for collecting funds, issuing electronic money, redeeming and using virtual money.
  • Documents confirming the legal status of the applicant, such as the charter, registration number, shareholding structure and details.
  • Details of all owners and managers of the firm, including qualifications, previous experience and biographies.
  • Financial info such as the annual report, balance sheet and profit and loss statement.
  • Compliance Policy, inclusive of anti-money laundering and anti-terrorist financing provisions.
  • Explanation of the risk management system and internal controls, inclusive of disclosure of procedures related to data security and management of confidential customer info.
  • Other documents that may be needed to assess the applicant’s business reputation and ability to perform their duties.

Fintech industry in Ireland

The financial technology (FinTech) market in Ireland is one of the most dynamic and innovative in the world. The Irish economy attracts both start-ups and large international fintech companies, thanks to smart legislation, developed infrastructure and a talented workforce.

Ireland has several advantages that make it an attractive location for FinTech growth. First of all, its location makes it possible to easily communicate with other European countries, as well as with the USA. In addition, Ireland has one of the lowest corporate tax rates in the EU, making it attractive to investors.

Ireland is a home to a significant number of financial technology companies, including well-known names such as Stripe, TransferWise, PayPal, Mastercard, as well as local companies leading the growth and implementation of innovative monetary technologies.

In addition, Ireland has smart legislation that allows fintech companies to obtain licenses for various financial transactions such as electronic payments, money transfers and more. There is also an accelerated registration regime for startups, which allows them to quickly register and start operations.

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