PAYMENT SERVICES & E-Money

In the last decade, the traditional payment landscape has changed immeasurably, offering consumers more choice and flexibility to make payments for goods and services than ever before. With the onset of Open Banking and online and mobile payment services now commonplace, the onus is on payment service providers to mitigate security risks and protect the rights and interests of their users.

Whether you’re based in the UK or operate abroad and wish to provide your services in the UK, you’ll benefit from Richdale’s management of the complex regulatory requirements that affect the payment services industry.

Our experienced Compliance Associates and Auditors offer a bespoke compliance solution to an array of payment services providers, including:

• Authorised Payment Institutions (API)
• Small Payment Institutions (SPI)
• Electronic Money Institutions (EMI)
• Small Electronic Money Institutions (SEMI)
• Payment Initiation Services Providers (PISP)
• Account Information Service Providers (AISP)

It is a Financial Conduct Authority (FCA) requirement that firms seeking authorisation to operate as a Payment Service Provider (PSP) must be able to show evidence of robust IT security policies and procedures as well as a detailed risk assessment. It is also critical to show that all FCA compliance requirements have been met.

The revised Payment Services Directive (PsD2) came into effect from 13 January 2018 and resulted in changes to the law and certain PSPs became obligated to operate under the authorisation of the FCA.

Richdale will assist you in acquiring the particular permissions required from the FCA in order for you to operate in a fully compliant manner whether your business focus is a merchant acquirer, currency exchange, e-money, money remittance, or whether your firm requires a combination of permissions.

Typical compliance tasks for our payment services clients

FCA Authorisation

To become a Directly Authorised FCA-regulated payment service provider, you must submit an application containing the necessary documentation and information about your business. Richdale boasts years of experience in preparing and filing applications for payment service providers seeking registration or authorisation with the FCA. Our Associates work with you to prepare your FCA application, incorporating regulatory business plans, internal and external compliance policies and your procedures to mitigate ongoing security risks. Our specialist team understands what the FCA is looking for and knows how to address any areas of concern your business may have.

Anti-Money Laundering Risk Assessment

On 10 January 2020 changes to the Government’s Money Laundering Regulations came into force.  We assist firms in ensuring that they are complying with their legal compliance within the regulations and all requirements stipulated by the FCA. In particular, we assist with risk assessments and compliance regimes to include Knowing Your Client (KYC), and assist in creating a business structure where the Firm is operating in an FCA compliant manner.

Periodic compliance audits

Our payment services clients benefit from periodic compliance audits based on general compliance issues or tailored to specific areas such as online security, customer complaints and internal training. We can design and implement bespoke programmes for monitoring the FCA compliance of your business as we pinpoint areas where urgent action may be required and areas requiring long-term improvement.

Operational Assistance

From start-ups to established industry leaders, Richdale has assisted payment services providers across the globe in the planning and execution of their operations, using our industry knowledge, experience and diverse network. Fees apply.

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