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Liechtenstein Payment Processors Must Meet Stringent Requirements

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The Financial Market Authority (FMA) of Liechtenstein has outlined strict guidelines for payment institutions and e-money issuers operating within the country’s borders. These requirements are designed to ensure that these entities maintain the highest standards of integrity, transparency, and security.

Requirements for Payment Institutions

Payment institutions applying for a license in Liechtenstein must submit detailed documentation, including:

  • A clear description of the payment services they intend to offer
  • A business plan outlining their budget and financial projections for the first three years
  • Evidence of initial capital
  • A description of measures taken to safeguard client assets
  • Information on governance arrangements and internal control mechanisms

Requirements for E-Money Issuers

E-money issuers, on the other hand, must submit even more extensive documentation, including:

  • Identification details and a description of their business model
  • A business plan with budget projections for the first three years
  • Evidence of initial capital
  • A description of measures taken to safeguard e-money user funds
  • Information on governance arrangements, internal control mechanisms, risk management practices, and accounting procedures

Additional Requirements

Both payment institutions and e-money issuers must also demonstrate their ability to comply with anti-money laundering and terrorist financing regulations. This includes submitting information on their directors, statutory auditors, and audit firms.

Conclusion

The FMA’s stringent requirements are designed to ensure that payment processors operating in Liechtenstein maintain the highest standards of integrity and transparency. By meeting these demands, applicants can demonstrate their commitment to providing secure and reliable services to their clients.

Note: The FMA may request additional documentation from applicants as part of its licensing process.