Payment Institutions (PI)
“Payment institution” means a legal person who has obtained and retains authorization by the Cyprus Central Bank or by the competent authorities of another Member State to provide payment services.
Preparation of the Application File in accordance with current regulatory requirements, to include, among others:
- General Principles
- Details of the Applicant
- Programme of Operations
- Business Plan
- Structural Organization
- Evidence of Initial Capital
- Measures to safeguard the funds of payment service users (applicable to payment services 1-6 only)
- Governance arrangements and Internal Control Mechanisms
- Procedure for monitoring, handling and following up on security incidents and security-related customer complaints
- Process for filing, monitoring, tracking and restricting access to sensitive payment data
- Business Continuity Arrangements
- The principles and definitions applicable to the collection of statistical data on performance, transactions and fraud
- Security policy document
- Internal Control Mechanisms to comply with obligation in relation to Money Laundering and Terrorist Financing (AML/CFT obligations)
- Identity and suitability assessment of persons with qualifying holdings in the applicant
- Identity and suitability assessment of members of the management body and key function holders
- Identity of Statutory Auditors and Audit Firms
- Professional Indemnity Insurance or a Comparable Guarantee for Payment Initiation Services and Account Information Services.