What requirements must be met by licensed companies
Licenses are issued by the National Bank. The National Bank also ensures that the operator complies with all requirements, and conducts internal audit of documents submitted with the application. In Montenegro, only fully registered commercial organisations having official physical addresses in the country and providing proof of payment of the authorised capital are entitled to operate e-money.
To operate in Montenegro not only on the national market but also “with an eye” on the EU, one must take measures in advance to ensure that the payment license complies with the current directives, AML/KYC and GDPR legislation. Therefore, when applying to the licensing department of the National Bank, one must prepare:
- document package of the legal entity— extracts from national registers, memorandum and articles of association, etc.;
- description of the scope of activities, business structure, professional training of owners and directors – as per EU rules and norms, the management should be competent in the e-money field;
- descriptions of policies providing the business model, security of client tools and data, anti-money laundering;
- if you wish to operate on the EU market and use the data on its residents — proof of compliance with GDPR regulations personal data protection;
- description of internal audit procedures, etc.
Prifinance Expert Assistance
If you are interested in operating in Montenegro, electronic money is a promising business for you, and you want to easily go through all the bureaucratic formalities, contact Prifinance now. Our experts will help you register and license your payment license and fulfill all the requirements for it. We will create the legal entity, open a bank account for it, arrange and formalise the status of an e-money issuer or operator, etc. Prifinance will help you launch a fully-legitimate business quickly and hassle-free.
