Main Requirements for SEMI License UK

The main requirements that make an entity eligible to apply for a SEMI License are the following:

  1. The firm must provide evidence that monthly average outstanding electronic money must not exceed €5m.
  2. The firm must provide evidence that in the year prior to the application for a SEMI license, the firm’s monthly average of payment services transactions was no more than €3m.
  3. A segregated client bank account or an insurance policy to safeguard client funds.
  4. A well reputed and qualified management body.

Required Documentation

To apply for an S-EMI License you must submit all the following required documents:

  • A SEMI License application form submitted to the FCA through their website using Connect
  • A business plan
  • If applicable, your business plan must also state the payment services that you may conduct 
  • If applicable, a description of your internal procedures and governance structures while conducting the business 
  • Evidence proving that when trading begins, the e-money business will generate a monthly average outstanding electronic money of less than €5m 
  • Evidence proving that in the last 12 months before submitting the application, the monthly average of payment services transactions did not exceed €3m. In the case that the firm has not traded before, this assessment can be based on projections.
  • A description of the policy regarding the funds of e-money holders that will be safeguarded by the firm
  • Evidence proving that the initial capital requirements have been met by the firm requesting a license
  • EMD Individual forms for all directors of the business
  • EMD form for MLRO (Money Laundering Reporting Officer) 
  • EMD Qualifying Holding forms for all Shareholders who have shares of over 10%
  • CV of the business directorate
  • Photocopy PassportPassport of all directors
  • CV of the MLRO
  • Photocopy Passport of MLRO
  • Proof of Address for all individuals involved in the business
  • System Details in the form of screenshots
  • Anti-Money LaunderingAnti-money Laundering Policies drafted by the business
  • Risk Assessment Policy drafted by the company
  • Sensitive Payment data Plan 
  • IT Security Policy drafted by the company
  • Statistical Data Collection
  • Evidence of the training received by all individuals holding managerial positions

This page was last updated on February 4, 2022.