A newly established digital bank required full regulatory permissions to operate as a licensed bank in the UK and to ensure compliance with EU PSD2 regulations.
Payment Services & Card/ Merchant Acquirers
A UK-based digital bank with a full banking licence by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), the bank also complies with the EU’s Second Payment Services Directive (PSD2). The institution is known for designing targeted financial products that meet the needs of customer segments traditionally underserved by mainstream banks.
As a newly established digital bank, the client required full regulatory permissions to operate as a licensed bank in the UK and to ensure compliance with EU PSD2 regulations. This involved navigating complex regulatory frameworks and coordinating with both UK and EU regulatory bodies. The client also needed strategic support in aligning its digital-first business model with stringent regulatory expectations.
Our specialist consultants provided end-to-end regulatory advisory and delivery support. They guided the client through the licensing process with the PRA and FCA, ensuring all application requirements and supervisory expectations were met. Additionally, supported the client in achieving compliance with the EU’s PSD2 requirements, addressing both technical and operational obligations.
• Successfully secured full banking permissions from both the PRA and FCA
• Achieved compliance with EU PSD2 regulations, enabling cross-border digital financial services
• Enabled the client to launch a fully regulated digital bank, positioned to scale and serve niche customer segments across the UK and EU
A crypto asset custodian based in the U.K. with global reach approached Lysis with the request to assist them with the process to obtain registration from the FCA which would enable them to operate in the UK market as a crypto asset business. Due to the holding company’s strong global footprint, part of the FCA requirements for registration included the need for a UK based money laundering reporting officer (MLRO).
A major global bank needing a data clean-up post banking system implementation
Lysis reviewed the exchange’s AML/CTF framework which resulted to a successful maturity assessment review.
