Some examples of our projects are as follows:
Flawless Money has assisted 8 current authorised electronic money institutions in their application for authorisation with the FSA, and advises on passporting activities into EEA countries. The company liaises on a continuous basis with UK and international regulators and has a close working relationship with the European Commission and a number of member state regulators in the areas of payments and electronic money.
We have advised North American companies on their entry into the European market, and on the best regulatory structure for the business. Flawless Money advised on the application of European law to the e-money industry and has advised also on money remittance. It has advised on, and overseen changes to legislation. These were presented to the European Commission, the ECB, and EU member state regulators including UK HMT and the FSA. They resulted in amendments to the Third Money Laundering Directive, The Payments Regulation, The Payment Services Directive, the review of the Electronic Money Directive, and local implementing legislation.
Flawless Money drafted industry guidance on compliance with Anti Money Laundering regulations, and developed an innovative means of mitigating the risk of money laundering whilst complying with AML legislation. This new approach has now been adopted in the Third Money Laundering Directive.
Thaer Sabri represents the EMA on the Joint Money Laundering Steering Group and represents the interests of the electronic money sector through his current position as Chief Executive of the Electronic Money Association (www.e-ma.org).