E-MONEY AND PAYMENT SERVICES

E-MONEY AND PAYMENT SERVICES

E-MONEY AND PAYMENT SERVICES

The e-money and payment services sector is home to some of the largest and well-known names in financial services. In recent years, this industry has seen exponential growth due to its simplified nature in comparison to traditional banks, with consumers often seeing them as an attractive alternative. Due to being very limited in their permitted activities, e-money and payment services firms find themselves subject to intense scrutiny by the FCA.  

A complex regulatory framework is in place and further changes are coming as the UK government and the regulators seek to get to grips with this disruptive and technological sector.  

Whether you are an existing firm or newly applying for authorisation or are an overseas payment services provider seeking to enter the UK regulated market, at Complyport we are able to utilise our specialist knowledge and experience of compliance, regulation, and due diligence to offer clients the opportunity to navigate the increasingly complex regulatory environment. 

How Complyport can help?

Our experienced team closely monitor the regulatory landscape and help our clients to maintain the highest levels of regulatory compliance. Our e-money and payment services offering includes: 

  • Strong prudential risk management, including liquidity thresholds and wind-down planning. 
  • Developing anti-money laundering (AML) and know your customer (KYC) frameworks including the mandatory annual business wide risk assessments which is required under regulations. 
  • KYC Compliance Managed outsourcing service to support customer onboarding processes. 
  • Ensuring that robust financial crime prevention is in place. 
  • Implementation of the Consumer Duty rules to ensure firm-wide compliance. 
  • Establishing solid operational resilience. 
  • Delivering training in person or virtually to staff and senior management to satisfy the FCA’s training requirements. 
  • Authorisation and assessment of senior management roles, certified to provide e-money and payment services. 
  • Creation of a firm-wide regulatory risk framework that aligns with the relevant client’s business model and risk appetite. 
  • Ongoing advisory services for ad-hoc questions or queries that may arise in the natural course of business.
Contact us for assistance

Complyport has been able to assist well-known e-money and payment services providers to stay ahead of the curve. Contact us for further information on how we can assist you.