How to Verify an EMI's Licence Status in Five Steps

TL;DR: Verification at a glance

Verifying an e-money institution (EMI) licence takes minutes. Identify the firm name exactly as registered. Visit the home-state regulator's public register - each European competent authority maintains one online. Search for the licence reference number and check the operational status field. Confirm the firm holds a valid authorisation under the Electronic Money Directive 2009/110/EC (EMD2). Cross-check passporting rights if the EMI operates across borders. This five-step process removes guesswork and protects against unlicensed operators.

Step 1: Identify the exact firm name and home state

Start with the legal entity name. Trading names and brand names differ from registered legal names - use only the official registration. Determine which European country issued the licence by reviewing the firm's website, terms of service, or regulatory disclosures.

The home state is where the EMI applied for and received its authorisation. Most EMIs display this clearly: "Authorised by [Regulator Name] in [Country]." If unclear, contact the firm directly. Incorrect home-state identification leads to searching the wrong register.

Step 2: Locate the home-state regulator's public register

Each European competent authority publishes a searchable register of authorised EMIs. The European Banking Authority (EBA) EUCLID register aggregates data across all member states but individual national registers are authoritative.

Key registers by jurisdiction:

| Jurisdiction | Regulator | Register Access | |---|---|---| | Austria | Financial Market Authority (FMA) | fma.gv.at - Authorised Entities | | Belgium | National Bank of Belgium (NBB) | nbb.be - Register | | France | Autorité de Contrôle Prudentiel et de Résolution (ACPR) | acpr.banque-france.fr - Register | | Germany | Federal Financial Supervisory Authority (BaFin) | bafin.de - Register | | Lithuania | Bank of Lithuania (LB) | lb.lt - EMI Register | | Netherlands | Dutch Central Bank (DNB) | dnb.nl - Register | | Poland | Financial Supervision Authority (KNF) | knf.gov.pl - Register | | Spain | Bank of Spain (BdE) | bde.es - Register | | United Kingdom | Financial Conduct Authority (FCA) | register.fca.org.uk |

Most registers offer free online search without registration. Bookmark the correct regulator's website for future reference.

Step 3: Search for the licence reference and check status

Enter the firm name into the register's search box. Results show the licence reference number - a unique identifier assigned by the regulator. Write this number down for your records.

Locate the "Status" or "Authorisation Status" field. Valid statuses include "Authorised," "Active," or "In Force." The licence issue date and, where applicable, expiry date appear here. Some registers display the specific EMD2 article under which authorisation was granted.

If no results appear, the firm is not licensed in that jurisdiction. Do not proceed with the transaction. Search again using alternative firm names or contact the regulator directly.

Step 4: Verify operational status and conditions

Confirm the licence is currently active - not suspended, revoked, or under review. Regulators publish status changes; the register reflects these within 5 working days of formal decision in most cases.

Review any conditions or restrictions attached to the licence. Some EMIs operate under limited scope - for example, only issuing prepaid cards or only accepting funds from business customers. Verify the firm's stated services align with its authorised perimeter.

Check the most recent update date on the register entry. If the last update was more than 12 months ago, contact the regulator to confirm the licence remains valid.

Step 5: Cross-check passporting rights and multi-state operations

EMIs authorised in one European state may passport - operate - in other member states without separate licensing. The PSD2 (Directive (EU) 2015/2366) framework enables this passporting.

If the EMI claims to operate in multiple countries, verify its home-state licence explicitly permits passporting. The register entry should note "Passporting" or list branch/agent locations in other states.

For firms operating in non-home states, contact the host-state regulator to confirm the EMI is registered as a foreign branch or agent. The host regulator maintains a separate list of passported EMIs. Cross-referencing both home and host registers provides complete assurance.

Red flags: Warning signs of unlicensed operators

Stop immediately if any of these apply:

• The firm does not appear in any European regulator's public register.
• The register shows status as "Revoked," "Suspended," or "Under Investigation."
• The firm claims to be licensed but provides no licence reference number or regulator name.
• The website displays a regulator logo or reference but the regulator's actual register shows no match.
• The firm operates in multiple European countries but holds no passporting authorisation.
• The register entry shows an expiry date in the past with no renewal.
• Contact details on the firm's website do not match the regulator's records.

Unlicensed EMIs operate outside European supervision. Report suspected unlicensed operators to your national financial authority or the European Banking Authority (EBA).

What this article does not cover

This verification process confirms regulatory authorisation only. It does not assess:

• Anti-money laundering (AML) and counter-terrorism financing (CFT) compliance - covered separately under the Anti-Money Laundering Directive (AMLD5).
• Crypto-asset activities - regulated under the Markets in Crypto-Assets Regulation (MiCAR) with separate licensing requirements.
• Deposit guarantee coverage - EMIs do not hold customer deposits in the traditional sense; funds held are often protected under alternative schemes.
• Operational security, data protection, or fraud prevention measures - these fall outside the scope of this licence verification.
• Consumer complaint history or dispute resolution performance - contact the national ombudsman or financial services authority for complaint data.

This article confirms only that an EMI holds valid European authorisation to issue e-money and provide payment services. Additional due diligence on operational quality, security posture, and complaint handling remains the user's responsibility.

Frequently asked questions

Q: How long does licence verification take?

Most searches complete in 2 - 5 minutes. If the firm appears immediately in the register, verification is instant. Contacting a regulator for clarification may take 1 - 3 business days.

Q: What if an EMI is licensed in the UK after Brexit?

The United Kingdom is no longer part of the European regulatory framework. UK-licensed EMIs are regulated by the Financial Conduct Authority (FCA) under UK law, not EMD2. Verify UK EMIs using the FCA Financial Services Register, which lists approximately 347 authorised payment institutions as of Q1 2025.

Q: Can an EMI lose its licence after I verify it?

Yes. Regulators revoke or suspend licences for serious breaches. The register updates within 5 working days of formal action in most jurisdictions. For high-value transactions, re-verify the licence shortly before completion. The Bank of Lithuania issued 87 EMI authorisations as of Q1 2025; approximately 3 - 5 per cent face enforcement action annually across European regulators.

Q: Is verification on the EBA EUCLID register enough?

EUCLID aggregates data from national registers but may lag by 1 - 2 weeks. For definitive verification, use the home-state regulator's register directly. EUCLID is useful for initial screening across multiple jurisdictions.

Q: What should I do if I find the firm is unlicensed?

Do not transfer funds or provide personal data. Report the unlicensed operator to your national financial authority or the European Banking Authority (EBA). In the United Kingdom, report to the FCA's Financial Crime department. Most regulators offer online reporting portals on their websites.