Client
An e-money institution seeking investor assurance
Objective
The e-money institution was preparing itself for investment and wanted to ensure that its compliance systems and controls were adequately robust. The business had recently undergone an audit of their financial crime systems and controls but had not previously identified a provider with sufficient expertise to assess their compliance with the regulatory obligations of the payment services regime.
Approach to engaging with clients
fscom deployed its payments experts to assess the systems and controls in place to meet specified regulatory obligations including capital adequacy, complaints handling, regulatory reporting and safeguarding. The team identified that the EMI was not adequately meeting its obligations in some areas. Through a series of face to face meetings, the fscom team supported the EMI to understand, at all levels, the implications of the current practice, the need to communicate clearly and swiftly with the regulator and the various steps that would have to be taken to implement correct practice.
Outcome
fscom supported the EMI as they implemented the agreed action plan and validated the final resolution.
