UK Authorised Electronic Money Institution Licence

If you are a UK business and you want to issue electronic money, you need FCA authorisation as an electronic money institution (EMI) under the Electronic Money Regulations 2011 and the Payment Services Regulations 2017. Depending on the size of your business, you can apply to be an authorised electronic money institution (AEMI) or a small electronic money institution (SEMI).

If your business will generate more than €5m in average outstanding e-money or will conduct more than an average of €3m per month in unrelated payment services, you’ll need to apply for an AEMI licence.

What do I need to get an AEMI licence?

• A main place of business in the UK
• UK-based central management – day to day decision making should take place in the UK
• UK-based MLRO
• Detailed regulatory business plan
• Governance and internal control arrangements
• Information security controls and security policy
• Financial crime controls
• Controls for sensitive payment data
• Evidence of how you will meet the capital requirements
• Evidence of how you will meet the safeguarding requirements
• Professional indemnity insurance (AIS/PIS only)
• Details of the suitability of the owners, directors and senior management

How long does it take to get an AEMI licence?

We aim to get your application ready in six to eight weeks, and the FCA usually makes a decision within three months of receiving a completed application. In practice this can mean it takes six months or more to become fully licenced.

Will I be accepted for an AEMI licence?

We’re proud to have a 99% success rate with applications we’ve made on behalf of our clients. We don’t want to waste your time or our own so, before we take on your case, we’ll screen your company, directors and shareholders to make sure you meet the FCA’s requirements. Doing these initial checks mean we can be confident you’ll be granted your AEMI licence first time.

How much does it cost?

We charge a flat fee for an AEMI licence application, which includes unlimited follow-up with the FCA until your licence is granted.