In the UK, electronic funds are considered to be equivalent to banknotes and coins under the legislation. Any system providing for their emission can function exclusively in the standard EMI format. A company that runs such activities shall be licensed by Financial Conduct Authority (FCA). The Authority issues two types of permits:
If the limit is exceeded, entrepreneurs must change the license to the full.
Guided by the EU Directive and the domestic regulation governing e-money, the UK strictly monitors the movement of electronic funds and refers to states with the most stringent requirements for issuers.
The license of the payment system in the UK is issued only to legal entities registered domestically. Having obtained the permission, companies have the right to perform appropriate operations only within the Kingdom. A certification will be required for work in other countries. The applicant must have a real office, he is subject to obligations under the Regulations on Money Laundering.
Together with the application, the licensee submits to the FCA:
A UK payment license is issued only to companies that meet specific English requirements for management and top management. Persons, who take key decisions must have an experience in such systems launching, profile education and knowledges.
FCA puts forward the following requirements to the company's management:
Upon the license obtaining a license, the company has the right to open a bank account. It must keep the full records. The company will be annually audited. FCA reserves the right to request an additional documentation. Sometimes licensing takes the whole year. Our company will help to simplify and speed up the procedure.
Experienced experts of "Prifinance" will consult on all aspects of e-money systems licensing and minimize the risks of the permission dismissal. They:
The UK license is the way to the UK and world markets, unhindered cooperation with any financial institutions. With our support, you can quickly get down to the work, having fulfilled all the UK's conditions.