Licensing Process Management
We provide a wide range of professional services to licensing process management for Payment Institutions, E-Money Institutions, and Digital Banks. The objective is to provide a comprehensive consultancy on the regulatory requirements, procedural steps, IT Infrastructures , Software to obtain the necessary licenses to operate legally and efficiently in the financial sector.
Application Preparation
- Drafting of the Articles of Association
- Determination of the Trade Name
- Establishment of the Organizational Structure
- Formation of the Board of Directors and Mandatory Units
- Preparation of Job Descriptions for Personnel
- Preparation of Required Board Resolutions
- Drafting of Service Agreements
- Preparation of Activity Plans
- Drafting of Policies and Procedures
- Review of Independent Audit Reports
- Preparation of the Application File for Submission to the CBRT (Central Bank of the Republic of Türkiye)
Application Process
Phase 1: Current State Assessment and Roadmap
- Identification of planned activities
- Determination of capital and structural requirements
- Identification of required documents
- Evaluation of the partnership structure
- Creation of a roadmap for the application process
Phase 2: Fulfillment of Legal Requirements
- Establishment of the corporate governance structure
- Adoption of necessary board resolutions
- Development of operational programs
- Completion of audit and financial reporting
Phase 3: Completion of Final Approval Requirements
- Capital adequacy audit
- Establishment of the personnel structure
- Completion of the independent audit report
- Submission of the final application file to the Central Bank of the Republic of Türkiye (CBRT)
Phase 4: On-site Inspection and Post-Licensing Process
- Review of management and personnel
- Technical equipment and document inspections
- Obtaining the license with CBRT approval
Expertise
Key Considerations
Regulatory Changes: Continuous monitoring of updates in regulatory requirements.
Cross-Border Licensing: Understanding international licensing implications if operating in multiple jurisdictions.
Ongoing Compliance: Regular audits, reporting, and policy updates to maintain license validity.
Common Challenges and Solutions
Challenge: Complex documentation requirements
Solution: Engage legal and compliance experts early in the process.
Challenge: Delays in regulatory approval
Solution: Maintain clear communication with regulators and ensure all documentation is thorough and accurate.
Conclusion
Effective licensing process management is critical for the successful establishment and operation of Payment Institutions, E-Money Institutions, and Digital Banks. Adherence to regulatory requirements, thorough preparation, and proactive compliance are essential for obtaining and maintaining the necessary licenses.
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