Obtaining a payment institution license is a significant challenge for many companies. Based on our experience, we are glad to support businesses in taking on this challenge. One of these companies is Pay.nl, a Dutch payment institution offering payment solutions for online webshops.
Our guidance for Pay.nl included writing a concrete and fitting business case and setting up the Risk and Compliance function. We also jointly reviewed existing processes, updated them where necessary, and made them compliant with applicable laws and regulations. This applied to areas such as customer onboarding policies and processes involving sensitive information.
The licensing process seemed quite demanding, but thanks to Projective Group, we received the license on time! Olaf Kok, Pay.nl
This project focused strongly on defining clear objective and subjective indicators in the context of anti-money laundering and countering the financing of terrorism (AML/CFT), as well as complying with the Sanctions Act. In collaboration with Pay.nl, we conducted a comprehensive risk analysis based on FIRM regulations and our own best practices. The outcome was a thorough and agreed-upon overview of all risks associated with Pay.nl.
Our knowledge and experience in obtaining payment institution licenses allowed us to support this client effectively. This accelerated the licensing process and provided Pay.nl with the necessary support. After obtaining their license, Pay.nl continued to use our consultants’ services as external Risk & Compliance Officer.
About Projective Group
Established in 2006, Projective Group is a leading Financial Services change specialist. With deep expertise across practices in Data, Payments, Transformation and Risk & Compliance.
We are recognised within the industry as a complete solutions provider, partnering with clients in Financial Services to provide resolutions that are both holistic and pragmatic. We have evolved to become a trusted partner for companies that want to thrive and prosper in an ever-changing Financial Services landscape.