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€150 - €290
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EMIs & PIs: Regulatory Framework and Practical Implementation
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Dates
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Highlights
Live Online
7 CPD Units | 7 Hours
HRDA Subsidised
The EIMF Live Online Learning Experience
Participants will receive access to the recorded sessions of the course.
EIMF subject-matter experts deliver engaging and interactive courses across a broad spectrum of areas, that can be enjoyed in the comfort of your own chosen environment. Read more
Course Overview
Electronic Money Institutions (EMIs) have experienced rapid growth in recent years, driven by increasing demand for digital payments and online financial services. Their ability to provide fast, convenient, and cost-effective payment solutions position them at a central role in the modern financial ecosystem.
This programme provides a comprehensive and practical overview of the regulatory framework governing EMIs under the relevant EU directives as implemented in Cyprus. It is designed to enhance participants’ understanding of key regulatory expectations, supervisory approaches, and compliance considerations applicable to these entities.
The programme bridges regulatory interpretation with practical application, enabling attendees to better navigate their obligations, strengthen internal frameworks, and support sound and compliant operational practices within an evolving payments landscape.
Training Objectives
By the end of the programme, participants will be able gain knowledge and understand:
The regulatory framework governing EMIs and PIs in the EU and Cyprus
The different payment services and electronic money services
The licencing requirements and various business models
The operational, governance, safeguarding and internal control expectations
Training Outline
Regulatory Framework Governing EMIs and PIs, Scope, Definitions
Applicable EU directives and local implementation
Regulated activities and exclusions
Key definitions and regulatory perimeter
Licensing and Authorisation
Authorisation requirements and thresholds
Application process and documentation
Regulatory assessment criteria
Examples of Business Models
Direct EMI and PI models
Agent and distributor-based structures
Programme manager and BIN sponsorship models
Initial Capital & Own Funds
Initial capital requirements
Own funds calculation methods
Ongoing capital monitoring
Issuance and Redemption of e-money
Conditions for issuing e-money
Redemption rights and timelines
Restrictions on use of funds
Safeguarding of Client Funds
Segregation vs safeguarding methods
Safeguarding accounts and investments
Reconciliation and monitoring requirements
Governance & Internal Controls
Management body responsibilities
Control functions and independence
Policies, procedures, and oversight
Outsourcing and Delegation
Outsourcing risk assessment
Critical vs non-critical outsourcing
Oversight and contractual requirements
Agents & Distributors
Appointment and registration requirements
Oversight and monitoring obligations
Allocation of responsibilities
RTS on Passporting within the EU
Freedom of services vs establishment
Notification procedures
Host state supervisory coordination
Operational Considerations
Operational risk management
IT and security requirements
Record-keeping and reporting
AML/CFT Considerations for EMIs/PIs
Customer due diligence requirements
Transaction monitoring expectations
Risk-based AML framework
RTS on Customer Authentication & Secure Communication and Major Incident Reporting
Strong customer authentication requirements
Secure communication standards
Major incident classification and reporting
RTS on Central Contact Point and Professional Indemnity Requirements
Central contact point appointment criteria
Roles and responsibilities
Professional indemnity insurance requirements
Who Should Attend
The programme is ideal for:
Compliance Officers and AML Officers in EMIs, PIs and fintech firms
Risk Managers, Internal Auditors and Regulatory Reporting Officers
Legal professionals advising payment institutions and fintech companies
Members of Senior management, non-executive directors and other Key Function holder of EMIs, PIs and fintech firms
Professionals dealing with payment services oversight
Consultants supporting EMI/PI licensing applications
Training Style
The training programme combines presentation slides that will be illustrated and explained to participants with practical examples. Questions by participants will be raised and answered throughout the programme, and practical examples will be provided, where available. Participants will have the opportunity to be actively involved through an exchange of views and personal professional experiences.
CPD Recognition
This programme may be approved for up to 7 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
In-house Training
For groups within the same organisation, this course may be customized to meet any specific needs and delivered in-house.
Facilitators
Athos Myrianthous
Athos is the Chief Compliance Officer (CCO) of ECM Fund Management Ltd, an Alternative Investment Fund Manager focusing on private equity, industry-agnostic strategies and part of the ECM Partners Group, which has a track record of nearly 1 billion invested capital in its various deals. Athos is a senior compliance and licencing professional with over 14 years of experience in alternative investment funds, investment fund managers and other regulated entities. Prior to his current role, he held senior compliance leadership and Board positions in several regulated entities in Cyprus. Earlier in his career, he served for almost a decade as Manager, Fund Services at BDO Ltd, part of the BDO International network. He is a member of the Cyprus Bar Association and a long-time member of the Cyprus Investment Fund Association where he sits on the Regulatory and Legal Technical Committee. He holds an MSc in Trade and Finance from Cass Business School, City University, an LLM in International Commercial Law from the University of Westminster and an LL B from Queen Mary’s University, London.