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Payment service providers (PSPs) in Canada must put a risk-based AML/CFT program in place to comply with an AML Law, otherwise, they face regulatory risks. Find out how money services businesses (MSBs) and PSPs fall under AML regulations and what compliance represents for these businesses. The FINTRAC has updated the Money Laundering Laws. These regulations…

To be able to operate in cryptocurrency field in this state, an entrepreneur must go through a separate process and get a special crypto license. Lithuanian jurisdiction provides fairly loyal conditions for cryptoorganizations working with cryptocurrency exchanges and wallets. In addition, a normative legal basis has been created and maintained for such firms in Lithuania,…

Merchant account is a type of bank account that enables companies to receive payments from debit cards or credit cards. For example, merchant account is an agreement between a retailer, a merchant bank, and a payment system for making payments with credit cards or debit cards. When a user pays for a product or service…

Safeguards are used by payment companies and electronic money issuers (PIs and EMIs) to ensure that in case of liquidation the funds are protected. The rules that relate to the protection of finances are spelled out in the section of frequently asked questions. The purpose of this article is to provide a disclosed description of…

There are 111 banking institutions with offshore banking license operating within the Cayman Islands. Most of them are subsidiaries (31) and branches opened by international banks. The Cayman Islands considered one of the most trusted international centers for financial activities. Deposits in excess of one trillion dollars made through banks registered and operating in the…

Consider the option of obtaining a cryptocurrency license in Estonia for an enterprise that is registered in this state. Recently, there has been a change in the rules, and some requirements have increased, but Estonia is still one of the most attractive jurisdictions where such licensing can be carried out. Cryptocurrency license in Estonia Why…

All Lithuanian entrepreneurs, in order to conduct business in the provision of services related to cryptocurrency, need to obtain a crypto license. Lithuania offers a friendly and fully regulated legal environment for companies offering cryptocurrency exchange services and storage wallets, with refined rules that have been in effect since 2020. Cryptocurrency license in Lithuania This…

The Forex Expo 2021, held on September 29th and 30th in Dubai, UAE, emerged as a pinnacle event in the realm of foreign exchange trading industry, drawing participants and stakeholders from across the globe. Innovative Sessions: The expo featured a dynamic lineup of sessions covering a wide array of topics pertinent to the forex industry….

The Fintech industry in Switzerland continues to grow dynamically and has become one of the top providers of digital tech solutions for the nation’s finance sector. In 2020, there were 405 Fintech companies operating in the country – which is 23 more than in the previous year. To promote innovation in the financial sector and…

The regulatory authorities of the UAE have determined the procedure for working with cryptocurrency. Now, investors are given the opportunity to trade and other cryptocurrency transactions within the DWTCA Free Zone – Dubai World Trade Center Authority. An agreement has been concluded between DWTCA and SCA (Securities and Commodity Control Authority), the provisions of which…

AS 9120 provides traceability, inventory administration, surveillance and record keeping. Companies that have received the AS 9120 certification have proven to be a reliable distributor worldwide. Certified companies switched to the new version of the standard before September 2018. Since 2017, audits have begun to be carried out according to the new edition of this…

AS 9110 includes demands that are intended to be applied by all enterprises regardless of their type, size and product supplied. If any requirement of the standard cannot be applied due to the specifics of the organization and its products, it can be excluded. Certification and training services are actively promoted in the market to…