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Electronic Money (E-Money) Service In The UK
A UK business that intends to issue E-Money in the UK must be authorised or registered by FCA
Electronic money (E-Money) is electronically (including magnetically) stored monetary value, represented by a claim on the issuer, which is issued on receipt of funds for the purpose of making payment transactions. It must be accepted as a means of payment by a person other than the electronic money issuer.
ABM Global Compliance can help your firm become authorised under the EMRs and also guide on and support you in meeting the ongoing requirements including maintenance and reporting obligations.
Are you looking for MLR & FCA compliance support?
Comply with EMRs:
E-Money issuers must comply with certain conduct rules about issuing and redeeming E-Money set out in the EMRs. They must also comply with relevant provisions of the FCA Handbook.
Types of E-Money include:
- Pre-paid cards
- Electronic pre-paid accounts for online use
Who do the EMRs affect?
- Electronic money issuer
- And electronic money users (electronic money users)
