We can assist you in gaining the UK Authorized Payment Institution License if you desire to propose various options for clients such as funds transfers, processing of payments, or supplying opening accounts.
UK government’s API and Ordinances
The corporation is obligated to receive a permit from the FCA to process payments as an API in the UK.
You must also apply for an MSB permit with HMRC if you provide funds transferring or currency exchange services.
The EU Directive known as PSD2 lays forth specifications for companies-service providers. It extends to clients of banks, building organizations, payment providers, and EMIs.
Payment institutions are also subject to the next laws:
- Revised Payment Services Directive (PSD2)
- Payment Accounts Directive
- Credit transfers and direct debits in euros (SEPA)
- The Payments in Euro (Credit Transfers and Direct Debits) Regulations
- Data Protection Act
- Guide to the UK General Data Protection Regulation (UK GDPR)
- Proceeds of Crime Act (POCA)
- Terrorism Act
- Decree on interchange fees for card-based payment transactions (EU) 2015/751
- AML Regulations
How can I obtain a UK API License?
To obtain permission, the points taken from the FCA website must be completed:
- The enterprise running activity in the UK and has a headquarter, you are a corporate entity.
- You regulate money laundering, terrorist funding, and other financial criminalities by effective internal rules and authority systems.
- You have an enterprise strategy and have taken the essential precautions to protect the cash of payment service clients.
- Executives and managing staff require to have a solid reputation and the necessary qualifications.
- Management needs to have a clear record of crimes including money laundering or terrorism funding.
- Employers and workers have to be appropriate for their jobs, and if they have close relations with another individual, it cannot jeopardize the ability to effectively oversee the firm.
Needed Data
For enrollment, you must provide the following information with the request form, which you send via Connect:
- services that you wish to provide;
- inner managing structures;
- the initial funding needed to launch your firm at the necessary level under the legislation;
- your intentions to open a bank account in the UK or EEA;
- the individuals in charge of conducting services;
- any representatives who work with you;
- your stance on security;
- info on the oversight procedures to fulfil your duties.
To deal with API Registration, we recommend getting in touch with our commercial experts.
Please contact us to get more information.
You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.
