Activities requiring central bank or commission approval.
WHAT REQUIRES AUTHORISATION
Deposit-taking Payment services Lending, in various forms Foreign exchange dealing Investment management Insurance
WHO REGULATES WHAT
The central bank, for banking and payments The securities commission, for capital markets The insurance commission, for insurance Other bodies for specific activities
WHY IT MATTERS
Operating without authorisation is an offence, and it attracts enforcement.
WHAT PAYMENT SERVICE CATEGORIES TYPICALLY EXIST
Tiers with differing capital requirements and permitted activities.
WHAT TO ESTABLISH
Which category your intended activity falls into.
WHAT APPLICATIONS TYPICALLY REQUIRE
Substantial minimum capital, demonstrated Fit and proper assessment of promoters and directors Business and technology plans Risk management and compliance frameworks Security assessments
WHAT TO EXPECT
A process measured in many months.
WHAT TO PLAN FOR
Capital locked up during the process Costs incurred before approval
WHAT AN ALTERNATIVE ROUTE IS
Operating through a licensed partner.
WHAT THAT MEANS
Building on a licensed entity's authorisation, under agreement.
WHAT TO ESTABLISH ABOUT THAT
Exactly what the licence covers and what you may do.
WHY
Regulators examine substance, not labels.
WHAT TO TAKE ADVICE ON
Any activity touching money movement or lending.
