Czech Republic Payment System License

Necessary requirements:

• Identification of the company (company details, articles of association).
• List of payment services provided.
• doption of security measures to protect customers’ money and personal information – including GDPR rules if EU residents’ data is used;
• Financial statements.
• Confirm availability of funds.
• Prepare descriptions of policies and instructions against criminal money laundering (to comply with AML legislation);
• Description of risk management and internal control system.
• A structural diagram of the company and the group, if the applicant is part of such a group.
• Identification of the executives and persons with a qualifying interest in the company.
• Evidence of whether the applicant and persons entitled to a reasonable and stable management of the payment institution.
• Identification details of auditors and auditing firms.
• Proof of public liability insurance or bank guarantee.
• Proof of compliance with technical standards for secure customer authentication and common and secure open communications standards.
• Proof of payment of the authorisation fee.
• List of the applicant’s agents, if the applicant plans to provide payment services through agents.
• List of the applicant’s branches, if the applicant plans to provide payment services at branches.