Comparison of service providers and requirements

Please consult the comparison of service providers and relevant requirements below to facilitate decision-making on the type of the FCMC's permit that would be required for the provision of planned payment services or e-money business.

Payment institution E-money institution
Registration Licence Registration Licence
Payment services Money remittance

Issue of payment instrument

EUR 3 000 000 (maximum monthly payments)
Money remittance

Issue of payment instrument

EUR 3 000 000 (maximum monthly payments)
E-money issue Closed loop only

EUR 2 000 000 (maximum average amount of e-money in circulation)
Area of the provision of services In Latvia only

Customers related to Latvia
EEA In Latvia only

Customers related to Latvia
EEA
Involving representatives
Own funds The total sum of the items of the balace sheet section "Own funds" is not negative EUR 350 000 The total sum of the items of the balace sheet section "Own funds" is not negative EUR 20 000 - EUR 125 000

Insurance policy (if account information service or payment initiation service is provided)
Assessment of the acquisition of a qualifying holding Assessed at a reduced level, i.e., there must be good repute Assessed at a reduced level, i.e., there must be good repute
Assessment of officials
Application of anti-money laundering requirements
Fee for examination of application EUR 2500
__________

EUR 450 if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level
EUR 5000
__________

EUR 450 if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level
EUR 2500
__________

EUR 450 if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level
EUR 5000
__________

EUR 450 if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level
Fee for supervision (annual) Not more than EUR 100 000
__________

EUR 1000 + up to 1.4% (inclusive) of gross revenue related to the provision of services
__________

EUR 1000 for the first three years, if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level
Not more than EUR 100 000
__________

EUR 7000 + up to 1.4% (inclusive) of gross revenue related to the provision of payment services
__________

EUR 3000 + up to 1.4% (inclusive) of gross revenue related to the provision of payment services (if only account information services or payment initiation services are provided (or both))
__________

EUR 1000 for the first three years, if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level
Not more than EUR 100 000
__________

EUR 1000 + up to 1.4% (inclusive) of gross revenue related to the provision of the e-money institution services
__________

EUR 1000 for the first three years, if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level
Not more than EUR 100 000
__________

EUR 7000 + up to 1.4% (inclusive) of gross revenue related to the provision of e-money institution services
__________

EUR 3000 + up to 1.4% (inclusive) of gross revenue related to the provision of e-money services (if only account information services or payment inititation services are provided (or both))
__________

EUR 1000 for the first three years, if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level
Period of examination of application* 1 month 3 months 1 month 3 months

* The FCMC may extend the deadline if the information is insufficient or the documents are incomplete.

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