FastTrack Emoney & Payments Licences
To obtain an emoney licence In the UK or Europe can be a daunting prospect.
Once you have determined the most applicable licence for your needs, to apply for your own licence you will need some or all of the following.
- Certificate of incorporation
- Articles of Association
- ID and evidence of suitability of directors and shareholders
- Business Plan
- Detailed organisational chart
- Evidence of initial share capital
- 3 year financial forecast
- Description of precise payment services activities the applicant firm intends to provide
- Funds flow diagram
- Safeguarding or ring-fenced bank account
- Governance arrangements and internal control mechanisms
- Procedure to monitor, handle and follow up on a security incidents
- Complaints procedure and policy
- Business continuity arrangements
- Documented procedure to collect statistical data on performance, transactions and fraud
- Security policy document
- Internal control mechanisms to comply with money laundering and terrorist financing laws
- Identity of statutory auditors and audit firms
- Professional indemnity insurance or comparable guarantee
- Process to monitor, track and restrict access to sensitive payment data
The application and requirements can seem insurmountable, especially for a new company that has yet to develop a significant number of policy documents. Don’t worry, we can assist you every step of the way so you are fully compliant in record time at minimal cost. We also make recommendations around the best jurisdiction in Europe to get a licence. We can introduce you to banking, technology and liquidity partners aswell as BIN sponsors / Issuers. Launching a Fintech involves numerous puzzlie pieces, regulatory, banking, tech and many options for established partnerships to save re-inventing the wheel and reach the market quicker. If you want the help and guidance of those who have been there, done that and have been immersed in Fintech before it became a word, Contact Us Today.