Payment and Electronic Money Services

PwC’s qualified experts can support you to navigate throughout the complexities of obtaining a license, become operational, stay compliant and counter the risks that lie ahead.

Multidisciplinary Team

As a member of the integrated PwC Global Network, PwC Cyprus possesses a unique depth of resources combined with an acute level of expertise to deliver standout, ongoing value to your business.

We are a highly specialized team, dedicated to the provision of licensing, advisory and corporate services for EMIs and PIs with a demonstrated ability to successfully navigate clients through the regulatory maze.

Our multidisciplinary team of experts comprises experienced licensing advisers, financial services qualified lawyers, qualified accountants, IT consultants and risk analysts, with experience in the provision of services to banking and e-money/payment institutions.

Our Service Offering

How we can help you:

Using our specialist Fund Services Department, local workforce from other relevant competencies and our extensive global network, we can tailor our approach to address your needs and provide market insights and added value to your structure.

Advising on the legal requirements and framework
Design and advise on the structure based on customer needs
Preparation of the guidelines/policies and the application package
Appointment as the promoters towards the Central Bank of Cyprus (“CBC”)
Arranging meetings and follow-ups and answer any queries from the CBC until the conditional license is granted
Assistance with activation and operational set-up

Compliance risk assessments
Preparation of compliance monitoring plans
Preparation of risk classification models
Preparation of regulatory & AML reports

Annual statutory audit of IFRS compliant financial statements
Tax clearance as part of the audit process
Ad-hoc assurance projects

Acting as liaison with the CBC for post licensing amendments and updates since initial authorisation (i.e. changes to service offerings, ownership and organizational structures etc)

Tax advisory
Tax compliance & reporting

Preparation of constitutional documents & legal contracts
Legal opinions and confirmations

Preparation of wide risk assessments.
Ongoing risk monitoring
Measurement of risks using complex models
Advising on mitigation actions
Preparation of risk management reports

Cyber security
Technology consulting
Enterprise digital
Data and analytics
Applications

High-level risk assessments
Preparation of annual internal audit plan
Audit programs and controls
Implementation of audit programs & identification of weaknesses

Source qualified candidates
Facilitate the selection and evaluation process

Full range of secretarial support
Assistance with other corporate matters

Are you interested in

Electronic Money or Payment Services?

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Digital Operational Resilience Act

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Contact us

Andreas Yiasemides

Partner, Advisory, Clients & Markets Leader, Head of Cyprus & Greece Market. In charge of Fund Services, PwC Cyprus

Tel: +357-22555035

Constantinos A Nicolaides

Senior Manager, Fund Services, PwC Cyprus

Tel: +357 22 555516

Demetris Themistocleous

Senior Manager, Fund Services, PwC Cyprus

Tel: +357 22555079

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