What is the objective of the AUKPI?
The AUKPI serves as the trade body for Payment Institutions and agencies in the UK and provides a forum for the examination and discussion of all relevant questions relating to the payments sector and money transfer. Our aim is the promotion and maintenance of high standards of business conduct and professional competence.
All full members of the Association must be Payment Institutions regulated by the FCA.
As of April 2016, there were approximately 370 Authorised PI’s and 750 registered PI’s. By comparison, there were around 568 API’s in EEA. This demonstrates that the UK has a core competence in payment services and that the majority of EEA PI’s have their head office in the UK.
The FCA, HM Revenue and Customs and other government departments with an interest in the payment sector and have confirmed that they recognize the role of the AUKPI in representing the UK money transfer and payments industry.
What does the AUKPI do?
- Hold four London conferences plus other regional and issue specific meetings at which those with an interest in payment services can come together to discuss issues of common concern.
- Be the representative of the industry with the UK government and within the European Union - in particular, to ensure that the voice of smaller and medium sized companies is heard
- Engage in dialogue with UK regulators to ensure that the relevant laws and regulations are fairly and consistently applied
- Establish and promote 'best practice' models in connection with issues such as effective customer due diligence procedures, transaction monitoring, client funds safeguarding, etc
- Facilitate the provision of training, information and support to Payment Institutions to help them comply with the laws and regulations
- Seek to establish and promote shared high standards across the payment services and money transfer industry
- Establish an effective dialogue with the UK banks to ensure that they behave reasonably in their relations with payment firms
- Promote the benefits and advantages of the payments sector to consumers and other customers
Who can be a member?
Full membership of the Association is available to any Payment Institution which is regulated as 'Principal' with both FCA and HMRC. Only full members of the Association will be able to vote at meetings and hold office.
Associate membership will be available to money transfer agents, banks, government officials, etc. Associate members will have speaking rights but cannot vote at meetings or hold office.
How is the Association run?
The Association has been registered with UK Companies House as a company limited by guarantee - this means it is run on a not for profit basis by its members. The work plan of the Association will be decided by an executive, elected at the Annual General Meeting. Only PI’s can be represented on the executive.
What are the membership fees?
|API (Authorised Payment Institution) member: ||£850 |
|SPI (Small Payment Institution) member: ||£350 |
|Associate member: ||£350 |
|Individual member: ||£350 |
|Corporate member: ||£850 |
The membership year runs from 1st December 2016 to 31st December 2017.
What are the membership requirements?
To be entitled to membership, each applicant will have to demonstrate the following:
- A written compliance programme, signed off by senior management
- Money Laundering Reporting Officer appointed
- Evidence of a Customer Due Diligence policy
- Employee training programme in place
- Use of an updated software programme to protect the company from money launderers
- All records stored for at least five years
- Evidence of audits of anti-money laundering compliance (internal/external)
- Evidence of understanding and compliance with obligations under Payment Services Regulations
I am interested in the Association - how can I find out more?
Dominic Thorncroft is Chairman of the AUKPI for 2016/2017.
The address for correspondence is:
20-22 Wenlock Road
London N1 7GU
Telephone: 0208 402 1003
Fax: 0207 692 0244
Mobile phone: 07950 452992