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Requirements to the Licensee
If a company is registered in England right before applying for an e-money license, the founders should specify a reason for the business location in its territory. To run business, company managers must have an experience in a run of the electronic payment business, sufficient education and a knowledge. The Commission shall obligate the licensee:
- to draw a business plan for 3-4 years, where the business details, structure, management levers are specified;
- to open a savings account in the name of a company registered in the UK;
- to provide a description of internal control mechanisms to counter financial crimes, procedures that ensure the continuity of technical facilities operation and prompt response to accidents;
- to confirm payment of the authorized capital (for an analogue of the Limited Liability Company it makes from 1 thousand pounds sterling, for a joint-stock company it makes from 50 thousand pounds sterling);
- to provide for a resident employee in the staff, who is responsible for a money laundering countering (it may be a director general);
- to provide a comprehensive information on the sources of the licensee’s funds (it is also required to start a business).
Entrepreneurs conducting activities for which the payment license of England was issued, it is also required to conclude contracts for all services, including IT-support. The company must maintain accounting, report and verify payments on accounts. The office reality can be checked not only by employees of the inspection bodies, but also by partners and customers of the company.
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