MIP license requirements

1. Organization
   • any organisational and legal form:
     • natural person conducting economic activity (sole proprietorship)
     • partnership (registered partnership, professional partnership, limited partnership, limited joint-stock partnership)
     • capital company (limited liability company, simple joint-stock company, joint-stock company)
2. Initial capital and own funds
   • no requirements
3. Managers
   • no legally binding conviction for offences defined by law
4. Specific positions in the organisation, cooperating entities
   • a person responsible for AML/CFT

Stages of obtaining AN MIP license

1. Verification stage
   • an analysis of the planned activities in order to determine whether obtaining MIP status is: a) necessary, b) pertinent
   • implementation of necessary adjustments
2. Preparation stage
   • legal classification of services
3. Application
   • provision of model internal documents and an activity and financial plan
   • joint establishment of the final content of the internal documentation and the activity and financial plan
   • submission of the application to the PFSA
4. Proceedings
   • periodic communication with the authority
   • in the event of a controversial issue – working arrangements with the FSA and submission of additional information; making adjustments required by the authority if necessary
5. Obtaining an entry in the MIP register
   • preparation of responses to the FSA’s supervisory summons (MIP sector letter)
   • development of service regulations, privacy policy, customer agreement processes necessary for the launch of payment services