Recently, the payment institution activity licence has been issued to TavexWise AS, a subsidiary of Tavid AS, by the Financial Supervision Authority. Consequently, the mother company, Tavid AS, shall give up its licence as a payment institution by the end of this year and shall, from there on, provide currency exchange service, buy and sell investment gold and silver, and purchase gold jewellery.
Tavid AS shall give up its licence as a payment institution solely for commercial reasons, since the annual supervisory fee paid by the company to the Financial Supervision Authority is remarkably higher than the supervisory fee paid by a commercial undertaking offering only payment services, which, in our case, shall be TavexWise AS. The reorganisation of the company in such a manner will also remarkably reduce the administrative burden of the company.
There shall be no essential changes for customers resulting from the surrender of the payment institution licence by Tavid AS. Tavid AS is a registered agent of TavexWise AS and payment services shall be provided as TavexWise AS agent starting no later than January of next year. TavexWise AS will not automatically take over any Tavid AS payment service customers; in regard to each customer, a new customer contract will be entered into and due diligence measures for the prevention of money laundering will be implemented again pursuant to law.
If you have any questions or you need additional information, please contact Tavid’s Cash-flow Manager: phone +372 627 9900, e-mail email@example.com
Management Board of Tavid AS