ornate diorite ace of spades playing card --s 1000 --ar 2:3
Hot off the press!
Does your firm help clients receive a physical or a virtual debit card?
Yes…
Get regulated!
What? Wait a minute…I just assist them - another company issues the actual card, and even manages it!
Lower risk, but you would still Advise or Arrange on Money Services, which is a DFSA-regulated activity.
3 sentences please.
Do you:
introduce a potential user to a Money Services Provider (whether the provider is in the DIFC or outside the DIFC);
assist a potential user to use Money Services, for example by completing application forms and other processes relevant to the transaction; or
negotiate terms related to Money Services, including any fees payable to the arranger?
Yes? Then you would have to get regulated by the DFSA.
That’s 4 sentences actually. But point taken. Will get in touch!
The Riffle
The DFSA issues a clarification on arranging issuance of physical or virtual cards, and emphasizes that such activities would have to come under the purview of regulation.
Read more at the DFSA website here.