We offer a full range of regulatory compliance services to electronic money institutions (EMIs).
Electronic money, or e-money, is essentially any monetary value stored digitally, either locally on a device such as payment card or remotely in software form, that can be used in transactions between two parties.
An array of regulations now prescribe e-money institutions’ activities. The key regulatory landmarks are 2011’s Electronic Money Regulations (EMR), which implements the EU’s second Electronic Money Directive (2EMD), and the Revised Payment Services Directive 2017 (PSD2).
EMR requires all e-money issuers to be registered (in the case of small EMIs) or authorised by a nominated authority, which in the UK means the FCA.
PSD2 sets regulatory requirements around the transfer of money in to and out of a nominated segregated account, which EMIs are then able to transfer to other accounts (payees) on the instruction of customers (payers).
If you’re moving into e-money provision for the first time, we can guide you seamlessly through the application process for FCA registration or authorisation. If you’re an established EMI we can assist you with the full spectrum of regulatory support, including auditing, training and advisory services.
We can also carry out anti-money laundering and know your customer (AML/KYC) risk assessments, as required by the Fifth Money Laundering Directive, to ensure you’re meeting your regulatory obligations.
We also offer face-to-face training sessions and online training modules.
Whatever your regulatory support needs in the e-money space or beyond, our specialist team has the experience and expertise to help. We’re always happy to hear from new e-money providers. Please get in touch, and we’ll explain how we can help.