Due to the tightening of conditions in foreign banks, payment systems are gaining popularity. In some states, foreigners are given the opportunity to create their own payment system for reasonable investments. You can use it both to attract third-party clients and for your own operations. In fact, the organization resembles a bank that doesn’t give loans. If desired, you may create sub-account within another bank account by getting digital wallet. There are also restrictions (usually a withdrawal limit), but their extent, as a rule, depends on person identity and jurisdiction itself. Legislation governing such activities changes frequently, so each project needs its research. EMI license in UK for sale is a cost-effective way for you to get up and running in no time and get a reliable tool in your hands.
Licenses give the right to provide the following services:
- Issue of electronic money (EMI);
- SWIFT, SEPA and other transfers;
- Issuance of virtual and plastic cards;
- Electronic wallets.
As a rule, it is not required to open a large number of branches, unlike banks, since user identification takes place remotely. The peculiarity is that you will have to invest heavily in software in order to protect customer funds.
Mandatory presence of authorized capital. During the consideration of the application, the money must remain in the account of the company. A bank account must be opened in the same jurisdiction. Before submitting a request, you should familiarize yourself with the laws of the state. Before issuing a document, be sure to carefully check the head of the institution. Managers must necessarily confirm their professional qualifications by submitting documents that can certify the inspector’s education. Managers shouldn’t be in a technical specialty, only economic or financial direction is allowed. Vast EU states majority inspect all the top firm managers.
General directive demands are listed below, but additional clauses may be added in each jurisdiction:
- Availability of the required software and a strong technical base.
- Risk management procedure.
- AML policy.
- Customer identification must be carried out as securely as possible.
- Client account – employees of our company will help you to open it.
- Fulfillment of accounting and auditing commitments.
- Specific rules for shareholders.
- Operational risks control.
Moreover, one more point is presence of registered company office in jurisdiction. Heads list must contain the names of citizens who are considered citizens of this country. Their number can vary from 2 to 5. After passing the interview and obtaining an EMI or PSP license, you must go through the activation procedure. This is very easy to do if you have enough funds.
The operating structure and risk controlling system should be separated, and current operations are closely monitored. To this end, structure of enterprise should have employees responsible for main line of business, and employees who deal with risk management. It is recommended to hire a local specialist, or a company dealing with risk management, transfer security and combating illegal transactions with financial resources.