Home/Compliance

Compliance
& Regulation.

Our regulatory status, our approach to anti-money laundering and counter-terrorist financing, and our customer due diligence process — set out in full.

Section 01

Regulatory status

Nova Pay Ltd (Company No. ⚠ insert) is authorised by the Financial Conduct Authority (FCA) as an Authorised Payment Institution (API) under the Payment Services Regulations 2017 (PSRs 2017). Our FCA reference number is ⚠ insert.

Our FCA entry can be verified at register.fca.org.uk.

Verification Type "Nova Pay Ltd" into the FCA register search box to confirm our authorisation, permitted activities, and any other firm details.
Section 02

Anti-Money
Laundering & CTF

Nova Pay operates a full AML and CTF compliance programme in accordance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017) and the Proceeds of Crime Act 2002 (POCA).

Our AML programme includes

  • Customer Due Diligence (CDD) — all customers are verified at onboarding using government-issued identity documents and proof of address.
  • Enhanced Due Diligence (EDD) — applied to higher-risk customers including PEPs, customers in higher-risk jurisdictions, and businesses with complex structures.
  • Ongoing transaction monitoring — automated monitoring for unusual patterns, with manual review of flagged activity.
  • Suspicious Activity Reporting (SAR) — Nova Pay files SARs with the National Crime Agency where legally required.
  • Sanctions screening — customers and transactions screened against UK, EU, UN and OFAC sanctions lists.
  • Record keeping — customer and transaction records retained for minimum five years.
Section 03

Know Your
Customer

All Nova Pay customers must complete identity verification before accessing payment services. This is a legal requirement and protects both customers and the integrity of the payment system.

Individual customers

  • Full legal name
  • Date of birth
  • Residential address (current + previous if applicable)
  • Government-issued photo ID
  • Proof of address dated within 3 months

Business customers

  • Registered company name + number
  • Registered office + trading address
  • Certificate of incorporation
  • Directors & beneficial owners ≥25%
  • KYC docs for each director/owner
  • Business activity + expected volumes
  • Source of funds & wealth declaration
Section 04

Data Protection

Nova Pay Ltd is registered with the Information Commissioner's Office (ICO) under registration number ⚠ insert. We process personal data in accordance with the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018.

Personal data collected during KYC and account operation is used solely for identity verification, providing payment services, meeting our legal obligations, and preventing financial crime. We do not sell customer data.

Section 05

Safeguarding
of Funds

  • Customer funds are held in a designated safeguarding account at a UK-regulated bank, separate from Nova Pay's own operating funds.
  • In the event of Nova Pay's insolvency, safeguarded funds would not form part of the general estate and would be returned to customers.
  • The FSCS does not apply to Nova Pay accounts. Safeguarding provides protection, but it is not equivalent to FSCS deposit protection of up to £85,000.
Section 06

Complaints

Nova Pay has a formal complaints procedure. If you are not satisfied with our service:

  1. Contact us in writing at complaints@nova-pay.io
  2. We will acknowledge your complaint within 3 business days
  3. We aim to resolve all complaints within 15 business days (35 for complex cases)

If you are not satisfied with our response, you may refer your complaint to the Financial Ombudsman Service (FOS): financial-ombudsman.org.uk.