Regulatory Compliance

Spendix operates under the Electronic Money Regulations 2011 (EMRs 2011), which govern the issuance and management of electronic money in the UK. As an EMI partner, we ensure customer funds are safeguarded in accordance with these regulations.

• Customer funds held in designated safeguarding accounts
• Funds segregated from Spendix's own operational funds
• Regular reconciliation of safeguarded funds
• Compliance with capital requirements

All payment services offered by Spendix — including remittance, currency exchange, and account-to-account transfers — are conducted in compliance with the Payment Services Regulations 2017 (PSRs 2017), which implement the EU's revised Payment Services Directive (PSD2) into UK law.

• Transparent pricing and fee disclosure
• Strong Customer Authentication (SCA) for electronic payments
• Customer rights to refunds for unauthorised transactions
• Complaint handling procedures in line with PSR requirements

Spendix complies fully with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Our AML/CTF programme includes customer due diligence, transaction monitoring, sanctions screening, and suspicious activity reporting.

• Know Your Customer (KYC) verification for all users
• Enhanced Due Diligence (EDD) for high-risk customers
• Real-time sanctions screening (HMT, OFAC, UN, EU)
• Suspicious Activity Reports (SARs) filed with the NCA

Spendix processes personal data in accordance with the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018. We are registered with the Information Commissioner's Office (ICO) as a data controller.

• Lawful basis for all data processing activities
• Data minimisation and purpose limitation principles
• Individual rights: access, rectification, erasure, portability
• Data breach notification within 72 hours to the ICO

Spendix operates under a partner model with FCA-authorised banks and licensed fintech institutions. All payment and e-money services are delivered through FCA-regulated partners. We maintain ongoing compliance with FCA guidance on financial crime, consumer duty, and operational resilience.

• Partnership with FCA-authorised payment institutions
• Consumer Duty compliance — fair value and good outcomes
• Operational resilience and business continuity planning
• Regular compliance reviews and audits

Spendix maintains a comprehensive sanctions compliance programme, screening all customers and transactions against UK, US, EU, and UN sanctions lists. We do not facilitate transactions involving sanctioned individuals, entities, or jurisdictions.

• HM Treasury (OFSI) Consolidated Sanctions List screening
• OFAC SDN List and EU Consolidated Sanctions screening
• UN Security Council Sanctions compliance
• Real-time transaction screening and blocking