E-Money and Payment Institution Authorisation
Ireland is one of the go-to markets for Fintechs. While it may take longer to get authorised compared to other markets, Ireland has a stable regulatory environment, and establishing here provided enhanced credibility. Ireland provides many advantages including but not limited to corporate tax structure, government grants, and a strong pool of FinTech / FS / IT workers.
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Our team has years of experience obtaining new authorisations as well as upgrading existing permissions. Finvisor can help you in every stage, and we deliver tailored solutions to help you achieve a frictionless new authorisation experience.
Stages To Becoming Authorised
1
Pre-Application Meeting
Pre-application meetings between the Applicant and the Central Bank of Ireland (CBI) help to introduce the business model, help to set the tone, and close out an immediate queries. The Applicant needs to submit the ‘Key Facts Document’ at least 5 working days prior to the pre-application meeting.
2
Submitting the Application Form and Acknowledgement
The Application Form contains several 'Guidelines' covering topics such as operations overview, business plan, governance arrangements, internal control mechanisms, business continuity, AML/CTF questionnaire, and suitability assessments for persons with qualifying holdings and senior managers.
It is critical that the Application Form and included supporting documentation meets the expectations of the CBI and overall the submission is easy to navigate.
3
Key Information Check
The CBI ensures that all necessary information and documentation is submitted within 10 working days. If any information is missing, the Applicant can resubmit, but it may be considered as a new application depending on the level of information in question.
4
Assessment phase
The CBI thoroughly assesses the application to ensure compliance with authorization requirements. Subsequently, the CBI provides initial feedback to the applicant and continues to offer further insights based on the Applicant's responses. While the standard assessment phase spans 90 working days, this period may be extended under specific circumstances, such as when the CBI requests additional information.
5
Notification of Assessment
An Applicant will be informed of the outcome of the assessment process by the CBI. If the assessment is favorable, the CBI will notify the Applicant. The notification letter will also specify any specific conditions that the CBI proposes to impose on the authorization once granted and provide the reasons for such conditions.
Before making a decision, the CBI will allow Applicants to make representations regarding these conditions. If the CBI is not satisfied with the assessment, it will outline areas that need to be addressed by the applicant in order to be approved. The Applicant can respond to any issues raised by the CBI in its notification, and the CBI will assess these responses before notifying the Applicant of its decision.
6
Notification of Decision
If the CBI decides to authorize the application, it will try to let them know within ten business days of any requirements being met before granting authorization.
The CBI will inform the Applicant of the potential grounds for denial and the following stages in the process if the CBI decides to reject the application. The Applicant will have the chance to submit materials in response to the suggested rejection as part of these procedures.