Electronic money (E-Money) is electronically (including magnetically) stored monetary value, represented by a claim on the issuer, which is issued on receipt of funds for the purpose of making payment transactions. It must be accepted as a means of payment by a person other than the electronic money issuer.
ABM Global Compliance can help your firm become authorised under the EMRs and also guide on and support you in meeting the ongoing requirements including maintenance and reporting obligations.
E-Money issuers must comply with certain conduct rules about issuing and redeeming E-Money set out in the EMRs. They must also comply with relevant provisions of the FCA Handbook.
E-Money issuers must comply with relevant provisions of the FCA handbook
