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
Our client was in the middle of an extensive regulatory remediation for the Central Bank of Ireland and the remediation.
One of our client's banks has flagged areas of our client's Ant-Money Laundering (AML) Governance and Compliance operation as a potential cause for concern. Our client asked Lysis to perform an independent review for them to establish if anything was genuinely wrong.
A major wholesale and investment bank with global reach was placed under a Section 166 order regarding their KYC and AML controls.
