Financial Supervision Authority revokes Parsum Partners activity licence
The Financial Supervision Authority revoked the activity licence held by Parsum Partners AS as a paying authority as the company’s activity did not meet the requirements set forth in the Money Laundering and Terrorism Financing Act. The company also filed inaccurate data with the financial supervision in its reports and violated the established regulations on equity levels.
One of the goals of the Financial Supervision Authority is to ensure that the financial market is kept free of companies that are in material and repeated violation of the regulations in their provision of service under the activity license.
Under the Paying Authorities and E-Money Institutions Act, which entered into force on 22 January 2010, companies that provide payment service must apply for a paying authority activity license from the Financial Supervision Authority. Payment service is a service that allows cash deposits to be made to a payment account and withdrawals made from there. It also enables issue of means of payment or payment instruments, execution of payment transactions and money transfer.
The list of companies that provide payment services in Estonia can be found on this website.