Ireland Payment Service Provider License

Introduction

The Central Bank of Ireland (Regulator) is authorized to licence and regulate money services businesses within the state of Antigua. No person (legal or natural) is authorized to conduct money services business in Ireland without a license granted by the Regulator pursuant to the requirements of the Act.

Payment Service Provider License means:

A payment service is defined in the Schedule to the European Union (Payment Services) Regulations 2018 as

• Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account.
• Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account.
  • Execution of payment transactions, including transfers of funds on a payment account with the user's payment service provider or with another payment service provider:
  • execution of payment transactions through a payment card or a similar device;
  • execution of credit transfers, including standing orders.
• Execution of payment transactions where the funds are covered by a credit line for a payment service user:
  • execution of direct debits, including one-off direct debits
  • execution of payment transactions through a payment card or a similar device;
  • execution of credit transfers, including standing orders.
• Issuing payment instruments and/or acquiring payment transactions.
• Money remittance.
• Payment initiation services
• Account information services

Legal Requirements

The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.

sr No	Element	Requirement(s)
1	Entity Requirements)	The entity making the application is a Ireland company under the Companies Act (Cap C.65). Company includes: a) A company, b) Limited partnerships, c) Unit trust or Other business entity, which is incorporated, registered or otherwise established under the laws of a member territory of the European Communities.
2	Director’s Requirements
3	Shareholder requirements	• The Money Service business license will need at least one shareholder. • Corporate shareholding is allowed and 100% foreign ownership is permitted.
4	Compliance Officer	The management should ensure that the licensee appoints a compliance officer to ensure compliance with applicable laws and with the internal policies of the licensee by its employees, agents, and other contractors.
5	Ireland Office	A licence granted under this Act authorizes the licensee to carry on money services business in Ireland at the place of business designated in the licence and at such other place as the Authority may authorize in writing. The applicant must have premises acceptable to the Regulator. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.
6	Auditor	A licensee shall appoint annually an auditor who must be a chartered accountant, a certified public accountant, a member of the Institute of Chartered Accountants of the Eastern Caribbean or some other professionally qualified accountant, satisfactory to the Authority.
7	Insurance	The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the Regulator.
8	Minimum Capital Requirements	The Bank shall not authorise an applicant as a payment institution unless the applicant holds initial capital of at least: (a) where the applicant proposes to provide only the payment service, €20,000, (b) where the applicant proposes to provide the payment service, €50,000, and (c) Where the applicant proposes to provide a payment, €125,000.

Ongoing requirements

• A licensee shall, within 3 months of the end of every financial year, forward to the Authority the audited financial statements referred to in subsection (1) unless prior written approval for an extension has been granted by the Authority.
• 2. Maintenance of—
  • adequate reserves and other capital resources in amounts which may be prescribed by the Minister,
  • adequate assets in liquid form in amounts which may be prescribed by the Minister,
  • a system for managing and containing risks to the net worth of the licensee’s business and risks to its net income, whether arising from fluctuations in interest or exchange rates or from other factors,
  • the requisite accounting records,
  • systems of internal control and record keeping, and
  • systems for inspection and report;