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E-money Applications
Authorisation under the Electronic Money Regulations, and the ongoing obligations that follow.
E-money, short for Electronic Money, is the electronic alternative to cash. It is a digital store of a medium of exchange on a computerized device. E-money can be used for payment transactions, with or without bank accounts.
Any business intending to issue E-money in UK must be registered and authorized by FCA.
GoCompliance can assist you in meeting ongoing requirements, such as those related to maintenance and reporting, as well as help your business get authorized under the EMRs.
EMR Compliance
Certain conduct guidelines for the issuance and redemption of E-Money, as outlined in the EMRs, must be followed by E-Money issuers. Additionally, they must also abide by any applicable FCA Handbook rules.
Type of E-money
- Electronic pre-paid accounts for online use
- Pre-paid cards
- Electronic money issuer
- Electronic money user