Payment institutions. Electronic money institutions
Our law firm specialises in payment services and electronic money issuing and arranges CNB licences for the following financial institutions:
- Small-scale payment service providers
- Small-scale electronic money issuers
- Payment institutions
- Electronic money institutions
Our lawyers have many years of experience with financial law and arranging CNB licences from specialised departments of leading foreign and Czech law firms and as in-house lawyers of companies involved in financial services.
We provide advice relating to financial services practically on a daily basis, and we are in close contact with the CNB. Thus, we are capable of effectively arranging the entire licencing procedure at the CNB for our clients.
As a part of the licencing procedure, we prepare the following documentation for acquiring a CNB licence as a rule in cooperation with the client:
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
Selected method of protecting monetary funds entrusted to it for making payment transactions
Description of the method of executing payment services
Description of personnel, organisational, and technical security of 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
Money laundering measures (AML/CFT)
In relation to acquiring a CNB licence, we arrange the following services for our clients:
- Template contractual documents, especially terms and conditions and the client’s contractual documentation
- Internal regulations
- Money laundering measures (AML/CFT)
In cooperation with tax and accounting advisors, we also arrange the following:
- Accounting and bookkeeping, including accounting for financial institutions in accordance with Decree no. 501/2002 Sb.
- Reporting and submitting information and statements to the CNB
Should you be interested in our services or additional information, please do not hesitate to contact us to arrange an initial meeting.