GoPay Czech, branch office, holds a licence to operate as a payment institution and is regulated by the National Bank of Belgium, the Czech National Bank and the Ministry of Finance of the Czech Republic.
We are required to meet the applicable statutory requirements and licensing criteria, which include in particular the following obligations:
1. Capital adequacy
We maintain minimum company capital of 2% of the total volume of electronic money issued, and never less than EUR 350,000.
2. Liquidity
We maintain sufficient liquidity to be able to pay out the funds entrusted to us by our clients.
3. Deposit insurance
Client funds are held in accounts under a special regime and are insured up to EUR 100,000 in accordance with Czech law.
4. Fund management
We may only invest deposited client funds in line with the strict criteria and regulations of the Czech National Bank.
5. Control system
We apply regular manual and automated control mechanisms to manage risks and minimise their impact. Appropriate records are kept and discrepancies are evaluated on a regular basis. The effectiveness of the control system is verified as part of the internal control framework.
6. Processes
All processes and activities are carried out in accordance with the company's governing documentation, and processes are continuously evaluated and optimised.
7. Risk management
We systematically prevent attempts at money laundering by applying a system of internal policies and internal AML rules. We also protect our clients against fraudulent payments and any resulting damage.
8. Corporate governance
The company is managed at both the methodological and line level.
Line management is based on the organisational structure, which defines the position of individual units and their place within the management structure.
Methodological management follows professional structures and is applied when directing specific areas of expertise as a form of indirect management.
9. Information technology
We develop our application and infrastructure exclusively with our own employees, with no need for outsourcing. At the same time, we apply state-of-the-art technology with a geographically separated architecture to ensure maximum availability and quality of the GoPay payment system.
10. Certification
We are regularly and successfully certified at the level of process, financial and security audits. The result is a guarantee of quality for the entire GoPay payment system solution. This also includes regular PCI DSS certification, required because we store and process card data.