Guide to Becoming an E-Money Issuer (EMI) in Trinidad & Tobago

Thinking of becoming an EMI in Trinidad & Tobago? Consider this guide to becoming an E-Money Issuer (EMI) in Trinidad & Tobago covering Companies Registry registration, CBTT and FIUTT applications and other fintech compliance steps.

Who Regulates EMIs in Trinidad & Tobago?

The Central Bank of Trinidad & Tobago (CBTT) is one of the three main fintech regulators in Trinidad & Tobago, and it is responsible for granting provisional or full EMI licenses.

Overview of Key Steps to EMI Registration

To register as an EMI, entities should consider the following:

  1. Register with the Companies Registry
  • Completion of registration on the Companies Registry Online System (“CROS”) for the entity and all of its officials.
  1. Apply to the relevant Fintech Regulator
  • For example if your entity is an EMI that will be engaged in Payment Service Provider (“PSP”) services:

– Complete the EMI and PSP application process

– Provide proof of the applicable legally required capital requirements, and

  • Pay the respective registration fees at the time of registration.

(Note: PSP registration currently has no fee).

  1. Register with the Financial Intelligence Unit (FIUTT)
  • Submit the required FIUTT forms and documentation after receiving provisional EMI registration from the CBTT.

(Note: FIUTT registration currently has no fee).

  1. Engage with other specialised regulators as applicable
  • Depending on your business model, you may need to register with additional regulators and pay their respective fees.

If this information resonates with you; or you need legal assistance navigating EMI registration, feel free to reach out at info@tenorequelegalandconsulting.com. You can also explore these resources Joint Regulatory Hub; About EMIs; Legal Corner Podcast on EMI Licensing for further information.