Our
experience

Ongoing legal assistance, application for national payment institution license

We continue to work with the client – a small payment institution, providing payment services: issuing credit cards and providing payment credit to consumers.

The client asked us to prepare the necessary documentation for the application for a license to provide services as a payment institution and to perform the necessary modifications to internal procedures and also to create new ones dedicated to the payment institution.

Currently, we are representing the client in the procedure for issuing a permit to provide payment services as a payment institution. Obtaining such a permit allows you to increase the size of your payment services business and provide services also across borders.

The project required the formation of teams composed of specialists in finance, accounting, security and risk management, and information systems. We coordinated and led the work of the specialists involved in the project.

The client intends to outsource some of the processes related to the provision of payment services to agents, so, as part of the project, we also developed appropriate procedures in the areas of outsourcing, risk management, AML and internal control, which ensured compliance of the adopted business model with legal requirements.

In cooperation with the client, we have developed internal documentation such as the Internal Risk Management Procedure, Security Policy, Business Continuity Policy, Incident Management Policy and Conflict of Interest Policy.

The project in progress – the Financial Supervisory Commission is investigating. Ongoing project – completion of the project requires the national legislature to pass a national law.