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EMI license in Greece

Published:
June 26, 2023

In recent years, the world has witnessed a significant shift towards digital monetary favors. With the rise of e-commerce, mobile payments, and digital wallets, traditional banking methods have been increasingly complemented and, in some cases, even replaced by electronic money institutions (EMIs). These institutions offer a seamless and convenient way for individuals and businesses to manage their finances online. Greece Payment System License plays a crucial role in facilitating this digital monetary revolution.

The Greek regulatory framework governing electronic money institutions is designed to foster innovation, protect consumers, and ensure the stability and integrity of the monetary system. The legal basis for this framework is primarily established by the Greek Law on Electronic Money Institutions (Law 4021/2011), which transposes the European Union’s Electronic Money Directive (EMD) into Greek legislation.

The EMD provides a harmonized regulatory framework across EU member states for the issuance and supervision of e-money. It aims to create a level playing field for EMIs and ensure their compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This directive allows EMIs to provide services such as issuing electronic money, facilitating payment transactions, and offering related ancillary services.

To operate as an electronic money institution in Greece, a company must obtain the EMI license obtaining in Greece from the Bank, the country’s central bank and competent authority for the supervision of EMIs. The licensing process involves a rigorous assessment of the applicant’s organizational structure, internal control mechanisms, compliance procedures, and capital requirements.

Applicants must demonstrate that they have robust governance arrangements and adequate internal control mechanisms to effectively manage the risks associated with electronic money issuance and remittance favors. They must also implement appropriate risk management procedures, including measures to combat money laundering and terrorist financing, in line with Greek and EU regulations.

The Greek regulatory framework not only supports the establishment and operation of EMIs but also places a strong emphasis on consumer protection. Electronic money institutions must adhere to strict rules on transparency, disclosure, and dispute resolution mechanisms. They are required to supply clear and comprehensive info to their customers regarding fees, charges, terms, and conditions, ensuring that consumers can make informed decisions and have recourse in case of any disputes.

The Electronic Money Institution License in Greece has played a pivotal role in promoting the growth of the digital economy and fostering monetary inclusion. By granting licensed entities the ability to offer user-friendly and accessible monetary services, the license has paved the way for innovative fintech solutions, contributing to the modernization and digitization of Greece’s monetary sector. One significant development in this realm is the introduction of the Greece Payment System License.

The requirements for obtaining an Electronic Money Institution License in Greece include the following:

  • Legal entity: The applicant must be a legal entity, typically in the form of a company, registered in Greece or another EU member state.
  • Organizational structure: The applicant must have a clear organizational structure that outlines roles, responsibilities, and reporting lines within the institution.
  • Capital requirements: The applicant must have a minimum initial capital of €350,000, which must be maintained throughout the operation of the institution. This capital ensures the monetary stability of the institution and its ability to meet obligations and absorb potential losses.
  • Fit and proper assessment: The individuals who hold key positions within the institution, such as directors, managers, and shareholders with significant control, must be assessed for their reputation, competence, and knowledge. They must meet the criteria set by the regulatory authorities to ensure the institution is led by qualified and trustworthy individuals.
  • Governance arrangements: The applicant must establish and implement robust governance arrangements, including effective risk management policies and procedures, internal controls, and compliance mechanisms. These arrangements are necessary to manage the risks associated with electronic money issuance and remittance favors.
  • Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF): The applicant must have adequate AML and CTF procedures in place to prevent money laundering and terrorist financing activities. These procedures should comply with Greek and EU regulations and include customer due diligence, transaction monitoring, and reporting suspicious activities.
  • Internal control mechanisms: The institution must have effective internal control mechanisms to ensure the integrity, security, and confidentiality of e-money transmissions. This includes measures to protect against fraud, data breaches, and unauthorized access.
  • Business plan: The applicant must provide a comprehensive business plan that outlines the proposed activities, target market, marketing strategy, and monetary projections of the institution.
  • Conformity with regulatory demands: The applicant must demonstrate a thorough understanding of the legal and regulatory framework governing electronic money institutions in Greece and comply with all applicable laws, regulations, and guidelines.
  • External audits: The institution is required to undergo regular audits conducted by independent external auditors to assess its monetary stability, conformity with adjustment demands, and adherence to best practices.

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