UK Small Electronic Money Institution Licence

If you are a UK business and you want to issue e-money, you must apply to the FCA to become either an authorised electronic money institution (AEMI) or a small electronic money institution (SEMI).

If you run a small firm – or if you’re just starting out – and you don’t expect to generate more than €5m in outstanding e-money on average, you can register as a SEMI.

You can also provide unrelated payment services (payment services unrelated to the issuing of e-money) provided you do not exceed €3m on average a month.

What do I need to get a SEMI 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 – you only have capital requirements if your average outstanding e-money exceeds €5m
• 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 a SEMI licence?

We aim to get your application in within two weeks, and the FCA usually makes a decision within three months of receiving a completed application. Our fastest FCA in-principle approval so far is two working days.

Will I be accepted for a SEMI 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 SEMI licence first time.

How much does it cost?

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