PLCGROUP.AE

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Financial
Services:
Regulatory
License Applications

Regulatory Licensing Applications

Many financial services activities are regulated by Central Banks and specialist divisions within Government.

Business activities that are regulated include:
  • Electronic Money (E-wallet)
  • Cross Border Payments and Money Remittance
  • Bureau De Change
  • Acquiring & Payment Processing
  • Foreign Exchange, buying, selling and exchange of electronic and physical currency
  • Crypto (depending on jurisdiction)
  • PSP

What do you need
to obtain a regulatory license

  • You must establish and present as a body corporate (EG: a limited company or partnership)
  • You must ensure that your firm possesses the minimum capital requirement required by law
  • You have robust governance arrangements and internal procedures and control mechanisms
  • You have prepared a professional and detailed regulatory business plan
  • You have taken adequate measures to safeguard funds of your users
  • Depend on your activities, services and products - you must hold adequate professional indemnity insurance
  • All senior executives, directors and managers must be of good repute with appropriate skills to provide payment or financial services
  • Managers must not have been convicted of money laundering, terrorist financing or other financial crimes
  • Your head office and registered office must be located within the jurisdiction where you will carry out your activities
  • You must recruit a full time, competent, qualified and experienced head of compliance (also known as MLRO, CAMLO etc)
  • You must prepare an effective AML policy and framework for your regulated business
  • You must comply with the relevant Money Laundering, Terrorist Financing and fraud prevention laws And more.

What do we offer

Our work on regulatory authorisations typically involves:
  • Initial advice and scoping – we can explain the range of options available, assess your target jurisdiction, help you settle on the optimum regulatory structure, and advise you on the key operational parts of the business that the regulator will expect to be in train during the application.
  • Drafting your compliance policies and procedures.
  • Compiling the application pack – we can draft the forms and regulatory business plan for you, or review your work and suggest improvements.
  • Managing your relationship with the Regulator and prepare draft responses to questions raised by the regulator.

Helping you get authorised

Pro Legal can help you with your regulatory application from
start to finish.
To date, we have helped hundreds of clients Globally including Banks, Fintech and neo-Banks, financial services/FX providers, EMI’s, MSB/MTOs and fund management
firms get authorised.
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Why Pro Legal

We have unparalleled experience in Regulatory authorisation.
  • Our breadth of sector experience and understanding of legislation, coupled with our international regulatory licensing work means we have an unparalleled understanding of the authorisation process.
  • We possess an international track record for delivering successful results.
  • We know what regulators are looking for and can help manage your relationship with them and bridge any communications gaps.
  • The involvement of a respected international compliance consultancy like Pro Legal is often seen by Regulators in a positive manner.
Start your journey
Get in touch using the form below and a member of the team will get back
you as soon as possible.
Contact
Start your journey
Get in touch using the form below and a member of the team will get back you as soon as possible.
Contact