To obtain a payments 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.