Standard & Major Payment institution licence

Ongoing requirements (SPI & MPI licence)

"a licensee must ensure ongoing compliance with all applicable requirements set out under the PS Act and other relevant legislation, such as:

  • adopting anti-money laundering and countering the financing of terrorism requirements;
  • submitting periodic regulatory returns
  • complying with the cyber hygiene requirements
  • accurately representing the scope of its licence and provide the required disclosures applicable to its business; and
  • satisfying annual audit requirements."

Source: Coventus Law, last revised on 30 January 2020