In this day and age, fintech compliance authorisation seems to be a must have, and especially if you’re interested in starting a business in the United Kingdom. However, many people are still not familiar with this process, or even what it requires them to do. Well, it’s all rather simple and easy, and all people need to do is follow a could of simple steps, and the authorisation is as good as done. Well, of course, it’s not done immediately, seeing how it takes up to about a month to review the papers, and the up to 6 months to resolve any underlying issues, but the most important thing is to start the authorisation procedure, and here’s how you do it.
Here is what you’re going to need in order to complete your application for authorisation. This whole process is done online via a vendor such as Fintech Compliance, and is rather simple. So, you’ll need your firm’s compliance procedures; your firm’s compliance monitoring programme, your firm’s detail regarding financial crime procedures, and your firm’s procedures on disclosure. Let’s go into details with each of these four.
When it comes to the compliance procedures that your company ought to prepare, keep in mind that no documents actually need to be attached or sent to the Financial Conduct Authority. However, you must have them by you at all times, in case they need to be inspected by the authority in the future. So, keep them available.
Then, we come to the compliance monitoring programme, which is basically a set of actions that are going to make sure that the firm continues to comply with the procedures. The firm ought to send this together with their application, and it needs to be especially tailored to the business your firm is doing. Also, the type of regulated activity that your firm plans to carry ought needs to be taken into account here. So, make a plan of what kind of checks your company is going to make, how often are they going to take place, who will carry them out, and what kinds of records of these checks are going to be saved as a proof of them ever happening.
The financial crime procedures part doesn’t have anything to do with the actual crimes, but the possible crimes that might happen in the future, and how your firm plans to prevent them from happening. Make sure your firm has procedures in place that are going to stop third parties from committing financial crimes. These procedures ought to include the steps that your Money Laundering Reporting Officer knows their duties, the procedures that are going to make sure that the applicant firm obtains ample evidence on the identity, proper systems and controls that should stop any possible financial crimes, anti-money laundering training programme for the firm staff, as well as the disciplinary procedures for staff members that refuse to report any suspicion of a financial crime occurring.
And finally, we come to the disclosure requirements, and this basically means that your firm needs to have proper procedures in place for the firm to be in compliance with the rules on disclosure.