Financial Supervision Authority issues paying authority activity license
The Financial Supervision Authority has issued the private limited company GRAPE TAX-FREE a permit for exercising the exception set forth in the Paying Authorities and E-Money Institutions Act. The permit for the exception set forth in the Paying Authorities and E-Money Institutions Act will allow GRAPE TAX-FREE to provide money transfer service.
The exception means that simplified requirements are in effect for applying for a payment authority activity license and the prerequisite is that company’s average monthly total of payment transactions in the last 12 months does not exceed 1 million euros a month. 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.