EU & offshore payment services licensing
The payments landscape has evolved rapidly, money is becoming more mobile and increasingly accessible online. International trade expansion and globalisation are growing the demands, which has resulted in corporates, non-banks and banks wanting reduced fees and improved services with increased pressure on traditional payment models.
This, coupled with the implementation of a number of regulations across the EU and globally, has created an expanding market in which payment service providers for both retail & merchant markets, are increasingly in demand.
Companies wishing to provide these services should now consider regulation as a priority and requirement, whether they wish to accept and provide electronic payments through credit cards, bank-based payments or provide gateways for multiple payment service providers.
Some of the popular services we see today are:
The issuing of electronic money and providing e-wallets
Money transmission services
Payment processing services
Money exchange services
What can FAI Comply do for your business?
Consult on the services to be applied for, for applications to enter a variety of markets
Provide assistance with completion of the application pack to be submitted to the regulator
Assist with the design of the firm structure
Prepare the required internal operations manual according to relevant regulations
Prepare the business plan and financial projections
Prepare the procedures manual for the prevention of money laundering and terrorist financing
Assist in the preparation of the personal questionnaires for shareholders, directors and senior management
Follow up the application during the process of assessment by the regulator