Why are Member States allowed to waive some or all of the authorisation requirements for small payment institutions?
There are three main reasons: • First, to facilitate market entry and innovation by new players without subjecting them to the full rigours of the authorisation framework. • Second, to encourage small scale market players, e.g. typically persons providing remittance services, that may currently be operating informally to leave the black economy and have them officially registered and identified. • Third, to comply with international obligations (1) which requires all EU governments to register money remitters for global anti money laundering and anti terrorist financing purposes.
