The Wolfsberg Correspondent Banking Due Diligence Questionnaire 2017

The Wolfsberg Correspondent Banking
Due Diligence Questionnaire 2017

http://www.wolfsberg-principles.com/diligence.html

http://www.wolfsberg-principles.com/diligence.html 

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Small Payment Institutions & FCA Authorisation Applications

small payment institution spi fca authorisation

What are Payment Services Activities?

Payment services activities include the following:

  • Money remittance businesses, commonly referred as money transfer.
  • Mobile network operators, offering payment services.
  • Credit card issuers, such as prepaid cards.
  • Merchant acquiring businesses

Can I passport (operate) across the EU with my Small Payment Institution (SPI) licence?
You can not passport into other European countries with a SPI licence. If you wish to passport or operate across the EU (EEA region), you must apply for an authorised payment institution (API) licence.

What is a payment service?
Below is a list of examples of payment services for which you are likely to require authorisation (licencing) by the regulator:

  • Enabling customers to pay cash into a payment account over the counter and through an ATM.
  • Enabling customers to withdraw their cash from payment accounts I.e. an ATM.
  • Enabling customers to transfer money from one user account to another and to other people.
  • Enabling customers to setup direct debits to pay their bills regularly.
  • Enabling customers to transfer electronic or e-money.
  • Enabling customers to process cash transfers, such as standing orders, BACS or CHAPS payments.
  • Enabling customers to use overdraft facilities.
  • Enabling people to transfer money to others.
  • Enabling customers to make payments from smart phones, such an iPhone

Our Success Formula 
When we discuss your requirements, we will assess your business model, directors and senior management, their experience and suitability and your governance (risk & compliance), operations, structure, business model and viability, to ensure that you meet the FCA requirements. Following our assessment, we will provide you with an assessment on application strength, before we take on your application

.
SPI licence application – regulator’s requirements.

  • Directors and managers of the firm must be of good repute with appropriate skills to provide payment services.
  • Projected average monthly payment transactions must not exceed EUR3m (₤ 2.6 m).
  • Managers must not have been convicted of money laundering, terrorist financing or other financial crimes.
  • Your head office and registered office (or place of residence for natural persons) must be in the UK.
  • You must comply with the Money Laundering Regulations 2017.
  • If the applicant is a partnership, an unincorporated association or a corporation, anyone having a qualifying holding must be fit and proper for the sound and prudent conduct of a small PI, and
  • If the applicant is a corporation with close links to another person, the links mustn’t be likely to prevent the effective supervision of the business (if the link’s outside of the European Economic Area (EEA), foreign laws must not prevent the regulator’s effective supervision of your business)

API or SPI licence?
The UK regulator has a two tier structure for payment businesses, namely, Small Payment Institutions and Authorised Payment Institutions. The way to determine which option your firm falls under is to determine your average monthly turnover in transactions.

If your monthly turnover transactions are under 3m EUR (₤ 2.6M) you can become an small payment institution (SPI). If your monthly transaction amount exceeds this then you will need to apply as an authorised payment institution (API)

Furthermore, in the UK, you will be required to register with HMRC for money laundering and fit and proper purposes. We can help you with the HMRC registration

Segmented and Separately Auditable Bank account (Known as a Safeguarding Account)
Payment remittance businesses are required to protect or safeguard their customer’s money.

Our industry experience and relationships with financial institutions means that we can assist you in arranging your bank account

So how long does it all take?
We usually require up to two weeks to prepare and submit your application, but typically 5-7 working days.

The regulatory process and approval for small payment institutions (SPI) applications is up to 3 months, although the average time is often much less.

In a hurry? We Offer a Priority Fast-track Service.
If you are in a hurry or have a deadline to meet, please contact us about our Fast track service. Here, we can complete and submit your application within 72 working hours.

Our success rate.
We have a 100% success rate for SPI licence applications

Our fees and next step.
Contact us on +44 (0) 203 815 7939 or email us on info@complianceconsultant.org. We will then discuss your project and provide you with costing. Once you are happy and we are confident that you have a strong chance of meeting the regulatory requirements of being approved, we will then arrange a telephone call with you to go over your application. Our team of experts will also be briefed on your project and they will then begin working on your application.

Alternatively – you can purchase an Application Pack and the upgrades at our online portal HERE.

 

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From FCA Authorisations to SMCR And Beyond – We Do It All

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Keywords: Regulatory Compliance And Governance, Regulatory Compliance Best Practices, Regulatory Compliance Banking Industry, Regulatory Compliance Consultant, Regulatory Compliance Consulting Firms, Regulatory Compliance Experience, Regulatory Compliance Financial Services, Regulatory Compliance Firms, Regulatory Compliance In Banking, Regulatory Compliance Program

3 Facts You Need to Know About Successful FCA Authorisation

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Why Compliance Consultant Is The Top Among FCA Authorisation Consultants



FCA Authorisation And Why You Need To Get It Right

FCA Authorisation are available from many consultancies throughout the UK, but there is only one company with the experience, qualifications and resource to match your needs.

Many compliance consultancies will quote you a base price, but then add in extras like the policies and procedures you will need and if you ask any questions throughout the process, the clock starts ticking and you are charged as much as £300 per hour (or more).

Compliance Consultant is different. We provide a full preparation service with you and as part of that will provide you with most templated policies you may need (manuals and procedures are extra). We provide a full Q&A service with no extra charge and, for small firms, will only bill you for the final payment when you receive the go ahead from the regulator.

We can also complete a draft Business Plan – ask for details.

Larger firms and challenger banks are POA.

If you want a surprising journey, call others. If you want a fully inclusive, professional and swift service, call us on 0203 815 7939 or email info@complianceconsultant.org.

 

 

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Corporate Financial Services Regulatory Compliance Enquiry Form

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UK Regulatory Compliance Consultancy Services

Compliance Consultancy

Compliance Consultant is one of the UK’s leading FCA compliance consultancies. We help financial services firms achieve FCA & PRA Authorisation, Manage their Regulatory Obligations, Perform Compliance Audits and Past Business Reviews, SYSC Assessments and Empower their staff with bespoke and Direct Compliance Training.

Our compliance consultants are subject-matter experts and assist clients from a broad range of areas, these include, but are not limited to;

 

Compliance Audit Consultant, Bank Compliance Consultant, Compliance Consultant Dubai, External Compliance Consultant, Compliance Consultant Firms, Compliance Consultant Fca, Compliance Law Firms, Consultant Compliance Services, Compliance Consulting Firms Uk

FCA Authorisation: What Does It Cost And Why Compliance Consultant Is Your Best Option

fca authorisation horror cost

Many firms are seeking Financial Conduct Authority (FCA)

Authorisation these days and we have heard horror stories of

the amount charged by some companies.

We are specialist authorisation compliance professionals and

can assist all firms of all sizes.

We quote realistic and hugely competitive prices and can also provide the additional governance and other documentation needed in our “all inclusive” prices. We complete all forms except the key business ones that only you know (business plan etc).

We can tell you how long the application is likely to take and the best ways to “Package” your application to satisfy the case officer reviewing your application.

Our prices are fixed and typically a lot cheaper than most companies. Beware of the extras that others charge like providing required policies, help with completion of the documents etc.

Call us today on 020 3815 7939

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Incubator/Nursery UK Financial Services Companies – Authorisations

incubator-nursery-fca-authorisation-startup

Sometimes, Authorisation Is NOT The Answer

We are often approached by start-ups and individuals who want to get FCA authorisation but who have little or no experience. Much as we could take them down the path of authorisation (only to be rejected later on), we don’t. We recommend they either get a couple of years experience working in the chosen sector or, if they are confident enough, to try an incubator or nursery company, acting as an Appointed Representative for the parent entity.

We list some companies that may be worth trying below, but have no connection with them or receive any benefit from them at all.

Norfolk House
31 St James’s Square
London
SW1Y 4JJ
United Kingdom
Sturgeon Ventures – http://www.sturgeonventures.com/
Administration and Sturgeon Academy
Linstead House
9 Disraeli Road
London
SW15 2DR
LONDON
Kession Capital Limited
(City Office)
1 Fore Street
Moorgate
London
EC2Y 5EJ
(North West Office)
7th Floor
Hyde House
Edgware Road
London
NW9 6LH
+44 (0)207 558 8800 (Switchboard)
kession.capital (skype)
@kessioncapital
UK & Europe:
Matti Pekkola
Contact Via Website
Daniel Maycock

We wish you the very best of luck with your future!

Financial Risk Manager Handbook: FRM Part I / Part II (Wiley Finance)

 

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£94.45

The essential reference for financial risk management

Filled with in-depth insights and practical advice, the Financial Risk Manager Handbook is the core text for risk management training programs worldwide. Presented in a clear and consistent fashion, this completely updated Sixth Edition, mirrors recent updates to the new two-level Financial Risk Manager (FRM) exam, and is fully supported by GARP as the trusted way to prepare for the rigorous and renowned FRM certification. This valuable new edition includes an exclusive collection of interactive multiple-choice questions from recent FRM exams.

Financial Risk Manager Handbook, Sixth Edition supports candidates studying for the Global Association of Risk Professional’s (GARP) annual FRM exam and prepares you to assess and control risk in today’s rapidly changing financial world. Authored by renowned risk management expert Philippe Jorion, with the full support of GARP, this definitive guide summarizes the core body of knowledge for financial risk managers.

  • Offers valuable insights on managing market, credit, operational, and liquidity risk
  • Examines the importance of structured products, futures, options, and other derivative instruments
  • Contains new material on extreme value theory, techniques in operational risk management, and corporate risk management

Financial Risk Manager Handbook is the most comprehensive guide on this subject, and will help you stay current on best practices in this evolving field. The FRM Handbook is the official reference book for GARP’s FRM certification program.