Andorra Payment and Electronic Money Services License_Guideline

Andorra Payment and Electronic Money Services Licence The Law 8/2018, provides the legal framework for the provision of the Payment and Electronic Money Services in Andorra. Permitted Activities As per the Act, Payment and Electronic Money Services include;

1. The services that allow the deposit of cash in a payment account, as well as the necessary operations to manage payment accounts.
2. The services that allow the withdrawal of cash from a payment account, as well as the necessary operations to manage payment accounts.
3. The execution of payment transactions, including funds transfers, through a payment account, to the user’s payment service provider or another payment service provider
4. Execution of direct debit payments, including non-recurring direct debits.
5. Execution of payment transactions through a payment card or a similar device.
6. Execution of money transfers, including permanent orders.
7. The execution of payment transactions in which the funds are covered with an open line of credit for a payment service user:
8. Execution of direct debit payments, including non-recurring direct debits.
9. Execution of payment transactions through a payment card or a similar device.
10. Execution of money transfers, including permanent orders.
11. The issuance of payment instruments and/or acquisition of payment transactions.
12. Money transfers.
13. The payment initiation services.
14. The account information services.

Legal Requirements

Sr. No	Element	Requirement(s)
	Entity Requirements	The entity making the application is an Andorran Company under the Corporation Act 1983. Company includes: Limited Liability Company Corporation General Partnership
	Director’s Requirements	The licensee will need at least 1 (One) natural person Fit and Proper Directors of any jurisdiction, with atleast, one being a resident.
	Shareholder requirements	The Payment and Electronic Money Services provider will need at least 2 (two) shareholders, one being a resident. Corporate shareholding is allowed.
	Compliance Officer	The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
	Local Office	The applicant must have premises acceptable to the AFA. 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	The Licensee, shall establish an internal Audit Committee or outsource depending with their requirements.
	Insurance	The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the AFA.
	Minimum Capital Requirements	The Applicant must have the prescribed minimum paid-up capital and is able to meet the prescribed minimum net liquid capital requirement in cash or readily marketable securities. The prescribed minimum paid-up capital is; For payment institution provides any other payment service €25,000 (Approximately USD 28,000) and for Electronic Money Institutions €70,000 (Approximately USD 78,500)

Ongoing Obligations

1. Licences are to be renewed annually. On application for renewal of a licence, the AFA, if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal licence fee.
2. Filing of Reports: It is a requirement to file Company Reports with the Authority.
3. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s business.

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