Google Payment Limited (“GPL”) is regulated by the Financial Conduct Authority (“FCA”).

GPL is authorised and regulated by the FCA in the UK as an electronic money institution (“ELMI”).  GPL’s FCA register number is 900008. 

As an ELMI, GPL is authorised to conduct the regulated activity of issuing electronic money. This includes transferring and redeeming electronic money. The authorisation to issue electronic money makes GPL subject to a number of regulatory requirements. The key requirements are:

Capital requirements and liability: GPL must maintain a minimum capital level of €1 million, and must also hold enough liquid assets to redeem all electronic money issued.

Senior management: The board of directors and certain other senior managers are all vetted under the FCA’s “approved person” regime. Significant responsibilities relating to the running of the business are apportioned between them.

Systems and controls: GPL must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems. GPL must comply with the FCA Handbook of rules and guidance.

Business activity: Issuing electronic money must be legally and operationally separated from other areas of business risk.

Money laundering: GPL must comply with the Money Laundering Regulations 2003 and relevant rules in the FCA Handbook.

Should you wish to learn more about the regulation of electronic money issuers by the FCA, please visit www.fca.org.uk.