How we assisted in setting up a compliance framework that allowed the client operate as a payment service provider in Canada.
The Client: Fliqpay
Cryptocurrency payment gateway Fliqpay is a cryptocurrency payment gateway helping African financial businesses. It allows businesses to conduct cryptocurrency transactions and receive payments and facilitates settlements in local bank accounts.
How we helped
THE PROBLEM
The client did not have the required compliance framework needed to operate as a payment service provider in Canada.
THE SOLUTION
We helped the client set up their compliance framework and saw them through their MSB application and license.
THE OUTCOME
As a result of our work with them, Fliqpay applied for and received their MSB license, which enabled them to run their business in Canada.
The Approach and conclusion
We implemented a compliance framework that helped us determine the applicable laws and regulations, develop a risk assessment system, policies and procedures to address the risks identified and Implement controls to monitor transactions. We were also able to detect and prevent potential compliance violations and ensured that policies and procedures are being followed.
Key Takeaways
Compliance Framework: Our approach bridged compliance gaps, enabling operational readiness. Collaborative Achievement: The partnership between stakeholders culminated in the successful acquisition of an MSB license. Comprehensive Compliance: The establishment of policies, procedures, and controls ensured adherence to regulations.
