XCH team of experts helping our prominent clients at any stage, from the establishment and activation of a bank in Cyprus to its expansion or restructuring and on a continuous basis with compliance support. We offer a wide range of services for banks such as:
- Bank registration
- Bank activation
- Anti-Money laundering compliance
- Banking supervision issues
- Advice on capital adequacy directive
- Advice on merger control/antitrust
- Compliance with national and EU Laws
- Leasing contracts
- Mortgage credit issues
- Consumer credit issues
- Payment systems advice
- Cheque truncation advice
- Money transfer advice
- Currency exchange advice
- Outsourcing advice
- Advice on advertisements
Payment Services Advisory
XCH offers set-up and authorization services for a Payment Institution (PI) license and post-license compliance support. With this license a PI may offer its services freely in the entire European Union.
Our services include:
• Advisory support towards authorization and registration of a PI.
• Preparation of the Application File in accordance with current regulatory requirements, to include, among others:
- Design and build the PI structure, and based on your needs (in a way that it shall be cost-efficient),
- Prepare a custom-built Operations Manual, in the most efficient manner, and based on your needs,
- Prepare the Money Laundering Manual and the Know Your Client (KYC) policies, in the most efficient manner and based on your needs,
- Prepare the business plan,
- Complete the application form to be submitted to the relevant EU regulatory authority
- Review the questionnaires of the shareholders, directors and heads of departments of the proposed IF,
- Locate qualified executive and non-executive directors (if needed),
- Complete the relevant checklists,
- Prepare necessary justifications to be submitted to the relevant EU regulatory authority, as applicable,
- Prepare the letter(s) to accompany the application, in the events that any exceptions may be requested, as applicable,
- Guide you in providing all the necessary documentation and certificates,
- Answer to any relevant questions concerning the application process,
- Undertake to be responding, on your behalf, to the authority's queries, and suggestions relating to the application.
• Full legal, accounting and auditing support of PIs and Banks.
• Compliance consulting to PIs and Banks.
• Executive Training to personnel of PI and Banks.