CITADEL ACHIEVES BRIT F.S.A. ACCREDITATION

Strict controls on e-cash processing approved

The owners of Citadel Commerce UK Limited, the Canadian group ESI Entertainment Systems Inc., has announced that its UK subsidiary has achieved authorisation to operate as a regulated e-money issuer from the British Financial Services Authority.

The FSA e-money issuer authorisation is a major milestone as it opens the way for Citadel Commerce UK to legally and forcefully promote its myCitadel e-wallet throughout Europe, said Michael Meeks, President of ESI and Executive Director of CC(UK). This authorisation allows the company to easily establish new banking relationships, operate in a protected and highly regulated financial services environment and execute its growth strategy in the European market.

The Financial Services Authority in the UK is one of the first government regulators in Europe to establish a clear interpretation of the rules and regulations that apply to e-money issuers. The Citadel team has been working on accreditation for more than two years to becoming a regulated large issuer in the European Union.

Regulation by the FSA is a significant step in Citadels implementation of industry best practices as a financial services company. Citadel Commerce UK intends to passport its regulated status into all 25 EU member states.

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