Understanding the evolving regulatory frameworks for both, Payment Schemes and market regulators, and the impacts for all internal stakeholders is a fundamental requirement when evaluating the business objectives associated with the requisite licence applications.
The development of the supporting business plans, the governance structure and the supporting policy adherence and documentation are the key minimum requirements that will need to be factored into the application and evaluation process.
Key questions and Accourt focus:
- What are the Regulatory and Payment Scheme mandatory requirements?
- How does the supporting corporate governance structure ensure adherence to the legal requirements?
- What does the supporting business case need to look like to support an application?
- How to develop supporting compelling compliance and procedural documentation associated with the on-boarding and monitoring of customers.
- How to develop the requisite compliance training and competence programmes including the roles and responsibilities of the MLRO.
- What are the required reporting/audit requirements?
- How to manage the relevant fraud reviews and collateral requirements associated with Scheme membership.
Why Choose Accourt
We have a team of high calibre individuals who have successfully managed numerous Regulatory and Payment Scheme applications for organisations wishing to apply for full banking, electronic money and PI licences. Our seasoned experts have both the relevant IP, hands-on experience and operational know-how to ensure successful applications.