Obtaining a Payment Service Provider (PSP) license
You are planning to offer to provide payment services as a regular occupation and you would like support in obtaining payment service provider licensing? You carry out an activity involving money transfers and you are wondering whether your activity falls under the regime of a payment service?
Holder of the AMF certification and with a strong experience of 12 years as a lawyer and 10 years within the Autorité des marchés financiers, Anne RAOUL-TARDIEU assists you in the regulatory compliance of your activity.
Our firm assists you in all the steps necessary to obtain approval as a payment institution, from the start of your file to its completion, by preparing documentation adapted to your business model and by advising you throughout the process.
Who is affected by the regulation on payment services ?
The payment services referred to in Article L. 314-1 of the Monetary and Financial Code essentially include:
- Services for depositing or withdrawing cash on a payment account and payment account management operations;
- The execution of payment transactions associated with a payment account: credit card payments, bank transfers and direct debits;
- Transfer of funds;
- Issuance of payment instruments and/or acquisition of payment orders;
- Payment initiation and account information services.
A payment institution license (credit institution, electronic money institution or payment institution) is required to perform these activities.
In addition, the provision of certain services, such as the buying and selling of crypto-assets for euros or the operation of a crypto-asset trading platform may, if it involves the collection of funds on behalf of third parties, qualify as the provision of a payment service within the meaning of Article L. 314-1 of the French Monetary and Financial Code and require a PSP or PSP agent license.
Services offered
Our interventions:
- Legal advice related to the provision of payment services
- Preparation of the payment service provider approval file and support for the client vis-à-vis the regulators during the approval process
- Drafting of procedures and policies necessary for the provision of payment services
- Drafting of the contractual engineering within the framework of the approval files
- AML/CFT/asset freezing system: risk mapping, risk classification, AML/CFT procedure, asset freezing procedure, permanent and periodic control, outsourcing control
- Support in interactions with regulators
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