What are the requirements to operate as a payment initiation service provider?
Businesses wishing to provide payment initiation services must hold a licence1 for payment service 7 as referred to in Annex 1 to PSD2. It is not possible to conduct these activities under an exemption as may be the case for certain other payment services.
Licence applications must be submitted through the Digital Supervision Portal.
See here for further information about the procedure for applying for a licence and handling times.
[1] In order not to be in violation of the prohibition on operating as a payment service provider without holding a licence as referred to in Section 2:3a of the Wft.
De Nederlandsche Bank (DNB) imposed an instruction on CCV Group B.V. (CCV) on 13 March 2019 because CCV had failed to comply with certain provisions of the Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en financieren van terrorisme – Wwft).
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Based on self-assessments and examinations, we have assessed how effectively banks and payment institutions are managing cyber risk. We observed three areas that currently need additional attention.
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DNB has conducted a series of examinations to assess financial institutions’ compliance with sanctions regulations and, more specifically, whether their compliance operations are fit for purpose. We are happy to share the results of these investigations.
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Did you know that you can track the status of your assessment application in My DNB? As of 11 May 2023 you can see the status of your assessment application in My DNB – Supervisory Applications Service.
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