Payment institutions. Electronic money institutions

Our law firm specializes in payment services and the issuance of electronic money and handles CNB authorization and registration proceedings for the following financial institutions:

  • Small-scale payment service providers
  • Small-scale electronic money issuers
  • Payment institutions
  • Electronic money institutions

Our lawyers draw on many years of experience gained in the specialist financial-law teams of leading international and Czech law firms and as in-house counsel in the financial services sector.

We advise on financial services on a daily basis and maintain close contact with the CNB. We can therefore guide clients efficiently through the entire CNB authorization process.

As part of the authorization process, we generally prepare the following application documentation in cooperation with the client:

  • Business plan

    A business plan is the applicant’s intended business strategy for the first three accounting periods drawn up in the form of financial statements in accordance with the law regulating accounting supported by real economic calculations together with a commentary, which contains

    • The applicant’s objectives from the standpoint of the scope and volume of provided payment services or issued electronic money and other activities under law and a description of the plan for achieving this, including the characteristics of the target group of clients and business network of the applicant,
    • Basic background and assumptions that the plan is based on and justifications for the consistency of the quantitative data of the plan and the feasibility of the planned results of activities.

    The business plan must be very detailed, including a detailed description of offered products and services, the target group of clients and their expected quantity, and all data and information in the business plan must be demonstrated and justified (e.g. marketing studies or research, previous results of the applicant, etc.).

  • Description of the management and control system

  • The selected method for safeguarding funds entrusted for the execution of payment transactions

  • Description of the method of executing payment services

  • Description of the staffing, organisational and technical arrangements for the activities

  • Description of the subject matter, scope, and method of performing other business activities, if the institution performs other business activities

  • Risk management system, including a proposal for the approach to calculating capital adequacy

  • Anti-money laundering and counter-terrorist financing measures (AML/CFT)

In connection with obtaining CNB authorization, we provide clients with the following services:

  • Template contractual documents, especially terms and conditions and the client’s contractual documentation
  • Internal regulations
  • Compliance
  • Anti-money laundering and counter-terrorist financing measures (AML/CFT)

In cooperation with tax and accounting advisors, we also arrange the following:

  • Accounting and bookkeeping, including accounting for financial institutions under Decree No. 501/2002 Coll.
  • Reporting and submitting information and returns to the CNB

If you are interested in our services or would like further information, please contact us to arrange an initial meeting.