European regulatory consultant, MAP S.Platis, said it has concluded the application processes for two Electronic Money Institutions (EMIs) with the Central Bank of Cyprus (CBC) on behalf of its clients.
Becoming a fully regulated e-money provider moves the applicants’ business into a new field, allowing them to improve and extend services to customers. The new status, which is fully passportable to all other EU member states, enables MAP S.Platis’ clients to issue electronic money and to carry out various related payments services across all 28 countries.
Additionally, this extends to money remittance and execution of payment transactions, the ability to clear euro payments directly without the involvement of commercial banks, and the issue of IBAN accounts to their clients.
The new achievement builds on MAP S.Platis’ track record of advising businesses in Cyprus on regulatory and licensing issues. The company provides clients with deep local knowledge coupled with global insights gained from advising financial services businesses and regulators around Europe and elsewhere.
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Most recently, the compliance firm concluded its second agreement with the Cyprus Securities and Exchange Commission (CySEC).
The consultation company has helped the Cypriot regulator with its services in investigations of any potential violations of the existing frameworks by the Cypriot Investment Firms (CIFs). The activity was done in relation to the regulator’s public tender 07/2020.
“The number of Electronic Money Institutions and Payment Institutions has seen a growth in recent years owing to certain advantages – agility, flexibility, lower cost base and expandability”, stated Demetris Taxitaris, CEO of MAP S.Platis Group.
He continues: “This is a global trend expected to continue and intensify. At MAP S.Platis. We have been involved in this industry for over a decade now and remain fully committed to continue supporting it, leveraging on our team’s extensive technical knowhow and multidisciplinary and deep expertise. We have worked hard to ensure all applications are successful, and we are thankful to the CBC for the outcome and for their cooperation”.