There are currently institutions that provide financial services and solutions to medium-sized companies; one of these alternatives is the EMI (Electronic Money Institutions), among which Pilsenga stands out, which provides IBAN and optimized electronic money services, allowing medium-sized companies to carry out their financial operations online and effectively.
However, for Pilsenga to provide good service, it must comply with several financial industry standards. For this reason, we will learn more about these financial industry standards below.
Financial Conduct Authority (FCA)
The Financial Conduct Authority (FCA) is the body responsible for regulating the conduct of financial services firms and financial market firms in the United Kingdom. Pilsenga is an FCA-regulated product, complying with several regulations and standards relating to transparency, financial education, accurate data reporting, ethics, and accurate record keeping.
By operating under the FCA’s guidelines, Pilsenga is committed to entering into “healthy competition” with the different companies that provide financial services while contributing to the stability sought to be maintained in the sector and ensuring that transactions within the European Union are effortless, efficient and have a high level of security.
Lithuania Financial Crimes Investigation Unit
The Financial Crime Investigation Service of the Republic of Lithuania (FCIS) is the agency within the Ministry of the Interior of Lithuania, which is responsible for law enforcement related to the prevention measures of financial crimes, terrorist financing, and money laundering. Therefore, it is the body in charge of investigating and regulating the activities of companies providing financial services of digital wallets or virtual currency exchange in Lithuania.
Thus, by operating in compliance with the law and guidelines established by the FCIS, Pilsenga is committed to providing all support to the entity’s senior officers to apply the respective measures to prevent money laundering, financial crimes, and financing of terrorism.
Anti-money laundering regulations
Pilsenga adheres to the anti-money laundering standards set by FCIS; The Financial Crime Investigation Service in Lithuania regulates its activities as exchange and wallet transaction services. Pilsenga’s products/services are also regulated by the FCA and Electronic Money Institutions (EMI) standards, which include the following:
Prudential requirements standard
This financial standard aims to determine the level of operational and financial risk faced by Electronic Money Institutions (EMIs) during their transactions or operations related to the issuance of electronic money. Thus, EMIs are expected to be more resilient during crises because by meeting these requirements and standards, these institutions will improve their ability to remain financially solvent.
EBA guidelines standard on the security of Internet payments
With this type of standard, the regulated entity undertakes to comply with the security requirements demanded by the EBA (European Banking Authority) by implementing the necessary security protocols to minimize the high levels of fraud that currently exist in Internet payments, to meet the objective of protecting its customers and providing a quality service.
Technical standards and guidelines under the revised payment services directive (PSD2)
This standard aims to ensure the highest level of quality and security for financial institutions offering Internet payment services. By complying with this standard, the entity commits to constantly updating and developing its platform, besides implementing different security measures.
What do you think about this topic? Would you like to learn more about financial industry standards?
If you are interested in Pilsenga’s products or services (including e-money and IBAN services), you can visit our website and register on our platform by visiting the following link.
