Application for a licence

(1) An applicant for a licence to provide a payment service shall apply to the Central Bank in the prescribed manner, together with payment of the fee prescribed by the Central Bank under section 32 and provide the following information– (a) documents which indicate the applicant’s legal status; 19 (b) an identification and description of the type of payment service the applicant intends to (c) a business plan, including a budget forecast, for five financial years from the date the applicant intends to provide the payment service and which demonstrates that the applicant is able to employ systems, resources and procedures in the provision of the that are appropriate, proportionate and sound; (d) a description of the measures taken to safeguard funds of a consumer of the payment (e) a description of the applicant’s management arrangements and internal control mechanisms, including administrative, risk management and accounting procedures, which demonstrate that these management arrangements and internal control mechanisms and procedures are appropriate, sound and adequate; (f) a description of the internal control mechanisms which the applicant has established in to comply with obligations in relation to anti-money laundering and terrorist financing; (g) a description of the applicant’s organisational structure including, if applicable, information about proposed agents, branches, outsourcing arrangements and participation in a national or international payment system; 20 (h) the identity of persons who have a direct or indirect interest or holding in the applicant; (i) the identity of directors of the applicant and the persons responsible for managing the provision of the payment service by the applicant; and (j) any other information the Central Bank may require. (2) An applicant for a licence to operate a system shall apply to the Central Bank in the prescribed manner, together with payment of the fee prescribed by the Central Bank under section 32 and provide the following information– (a) documents which indicate the applicant’s legal status; (b) an identification and description of the type of system the applicant intends to operate including the proposed rules of the system; (c) a business plan, including a budget forecast, for five financial years from the date the applicant intends to operate the system; (d) a description of the applicant’s management arrangements and internal control mechanisms, including administrative, risk management and accounting procedures, which demonstrate that these management arrangements and internal control mechanisms and procedures are appropriate, sound and adequate; (e) a description of the applicant’s organisational structure including, if applicable, information about proposed outsourcing arrangements and 21 participation in a national or international (f) a description of the technical structure and information technology system including– (i) the architectural design and processes of the system; (ii) the measures employed to safeguard technical operations, including a contingency plan in the event of an operational disruption should the ordinary system fail to function; and (iii) the measures taken to secure the protection of electronic processing and the storage of data relating to the system against disclosure, misuse, damage, destruction, loss or theft; (g) an analysis of the risk and measures to limit risks in the system arising from illiquidity or insolvency of participants including capacity to manage risk; (h) the identity of persons who have a direct or indirect interest or holding in the applicant; (i) the identity of directors of the applicant and the persons responsible for managing the system of the applicant; and (j) any other information the Central Bank may require. (3) For the purpose of sub-section (1), the Central Bank may specify different classes and subclasses of payment services in 22 respect of which a person is required to apply for a licence and for which a licence may be granted under section 9, including– (a) a remittance service; (b) an electronic funds transfer; (c) electronic money; and (d) any other classifications the Central Bank considers appropriate.