Not following the elementary requirements of your E-Money licence or the European Money Laundering directive will be the quickest way of exposing your business to losses, but also to penalties, suffering poor media attention, or losing your market-share. Ultimately the loss of your E-Money licence.
If you are an E-money licence holder, your organisation as well as all of your agents, are obliged to be fully aware of and engaged in full due diligence in your customer selection and identification processes, in your transaction/event screening, suspicion reporting, record-keeping, corporate assessment of exposures and risk, and the Base II (and III) capital adequacy requirements to measure and manage the risks and exposures. It is crucial as an FCA regulated organisation that in all your areas of operation that you have a clear payment strategy and a strong understanding and adherence of all laws that apply to you for making payments.
We advise payment organisations on market direction, strategy and we never operate as simple 'tick-box' auditors.
The UK handles up to 36% of all transactions, making the country the most important currency exchange centre in the world.
We works closely with the businesses involved in Consumer Credit and Corporate Finance activities to process their Authorisation