How Contis has prepared for Brexit

Published: October 24, 2019
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As an established European-wide business, operating across the EEA is of the utmost importance to Contis. We have planned extensively for the likely outcomes of Brexit so Contis’ customers can rest assured that we have a plan in place whatever the outcome.

What has Contis been up to?

Contis has been working tirelessly with its UK and European partners to ensure that we can continue to service our clients compliantly in any Brexit scenario. Planning for a “no deal” Brexit has very much been the focus of these efforts and we’ve worked on three key areas:

1. Bank of Lithuania – Contis has had a presence in Lithuania since 2016. Earlier this year, Contis obtained its second passport-able European e-money licence from the Bank of Lithuania, in addition to the UK. This will allow Contis to deliver its services across the EEA irrespective of the outcomes of Brexit.

2. Visa – Contis has been a principal member of Visa since 2012, and we have been actively working with them on Brexit since we secured our Bank of Lithuania licence. We have submitted an application to Visa for ‘Contis Lithuania’ to become an associate member sponsored by our main entity, and this is due to be approved in the next few days. We also plan to migrate current European customers to ‘Contis Lithuania’, although this is behind-the-scenes work and there will be no changes to how accounts operate, or how any services are delivered.

3. Passporting – Current ‘passporting’ rules allow EEA financial services firms to trade across borders in a very simple fashion.  In case of ‘no deal’, businesses will need to re-apply and obtain ‘passports’ again on a country-by-country basis. In Contis’ case, cross-border passporting will be done from our European-hub in Lithuania.

Business as usual

We continue to work with regulators across the EU to make any potential transition as painless as possible for all our clients and customers. The likelihood is that it will be business as usual, although irrespective of what happens on October 31st, Contis, as always, will continue to put its customers’ needs above everything else.

By: Justin Bowley
Published: October 24, 2019
Categories: Blog

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