Financial Supervision Authority issues paying authority activity license
Based on the Paying Authorities and E-Money Institutions Act, the Financial Supervision Authority has issued a paying authority activity license to ETK Finants AS.
The activity license for provision of payment services issued to ETK Finants AS allows it to provide the following payment services: withdrawal of cash from a payment account, performing payment transactions, including transferring money to a payment account opened with a payment service provider and execution of a payment transaction if the funds have been granted as a loan to a client of the paying authority, and issuing and acquiring means of payment.
The Paying Authorities and E-Money Institutions Act, which entered into force on 22 January 2010, requires companies that provide payment service to apply for an activity license or permission for an exception from the Financial Supervision Authority. Payment authorities were not previously subject to Financial Supervision Authority supervision, and companies could provide payment services without a relevant activity license until 30 April 2011.