Ireland Money Transmission Business License

Ireland Money Transmission Business License

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.

Money Transmission Business means:

A Money Transmission Service means a service that involves transmitting money by any means, other than a service –

  1. that is a payment service to which the European Communities (Payment Services) Regulations 2018 (S.I. No. 6 of 2018) apply,
  2. that is provided to customers on a basis that is ancillary to any other services apart from debt management services,
  3. that is provided by—
  4. any charitable organisation within the meaning of section 2(1) of the Charities Act 2009,
  5. the Money Advice and Budgeting Service,
  6. any licensed bank, building society, credit union or friendly society,
  7. a barrister, solicitor or accountant who provides money transmission services only in an incidental manner and is subject to regulation by a professional body,
  8. the Insolvency Service of Ireland, any approved intermediary authorised under section 47 of the Personal Insolvency Act 2012 acting as such or any personal insolvency practitioner authorised under Chapter 1 of Part 5 of that Act carrying on practice as such,
  9. personal representatives (within the meaning of section 3 of the Succession Act 1965),
  10. trustees of a trust, other than a trust which is established to provide money transmission services,
  11. the Bank,
  12. An Post,
  13. the National Asset Management Agency,
  14. the National Treasury Management Agency,
  15. the National Consumer Agency, and
  16. any other person constituted, or holding office, under an enactment or funded (in whole or in part).

Legal Requirements

Sr.

No

 Element Requirement(s)
Entity Requirements The entity making the application is a Ireland company under the Companies Act (Cap C.65).

Company includes:

  1. A company,
  2. Limited partnerships,
  3. Unit trust or

Other business entity, which is incorporated, registered or otherwise established under the laws of a member territory of the European Communities.
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The Money Service business license will need at least one shareholder.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
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.
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.
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.
Insurance The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the Regulator.
Minimum Capital Requirements The Bank shall not authorise an applicant as a payment institution unless the applicant holds initial capital of at least:

    1. where the applicant proposes to provide only the payment service, €20,000,
    2. where the applicant proposes to provide the payment service, €50,000, and
    3. Where the applicant proposes to provide a payment, €125,000.

Ongoing Requirements

  1. 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—

    1. adequate reserves and other capital resources in amounts which may be prescribed by the Minister,
    2. adequate assets in liquid form in amounts which may be prescribed by the Minister,
    3. 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,
    4. the requisite accounting records,
    5. systems of internal control and record keeping, and
    6. systems for inspection and report;

About Valsen Fiduciaries

Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

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The Valsen Advantage

  • We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
  • Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  • We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  • We have a full in-house compliance support for all compliance requirements with the regulator and service providers

Our Contact Details

Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com

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