Standard & Major Payment institution 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