Electronic money, or e-money, is monetary value stored electronically which is issued on receipt of funds and is accepted by third parties as a means of payment.

 

Types of e-money include pre-paid cards and also electronic pre-paid accounts for making payments online. Under the UK Electronic Money Regulations (EMRs), firms wishing to issue e-money must be authorised by FCA and meet strict conduct of business and prudential rules.

Trading Compliance can help your firm become authorised under the EMRs and also advise on and support you in meeting the ongoing requirements including safeguarding and reporting obligations.