Build the application set of documents and modify the organizational setup where necessary
If after carrying out the first two steps it became clear that a license is necessary, the enterprise must apply for a regular payment institution license. The organization must meet various requirements in order to be able to receive a license from the supervisor.
Consider, for example, the topics below.
- Demonstrating the reliability and suitability of policy makers;
- Formulating the structure of the company’s integrity;
- Demonstrating the controlled execution of business;
- Securing customer funds;
- Assessment of day-to-day policymakers;
- Minimum equity and solvency;
- Certificate of no objection.
The above topics concern the management of business processes and business risks and the securing the funds of clients of the payment institution. Also, policies and procedures must be drawn up, such as policies on customer due diligence, transaction monitoring and incident management. A compliance charter and a procedure for reporting unusual transactions must be drawn up too. Drafting a risk management policy and also appointing a risk & compliance officer is necessary in most cases.