Why do I need to consider money-laundering regulations when making an application to become authorised as a payment institution?

The application will require, amongst other things, the applicant’s assessment of the money laundering risks associated with its business, and the measures the applicant has or will put in place to mitigate these risks. The application will also need to demonstrate the associated risk assessment process, and the policies and procedures in place to detect and report suspicious transactions or activities.

Previous