Under the Financial Supervision Act (Wet op het financieel toezicht – Wft), payment institutions and electronic money institutions must submit the following within six months of the end of the financial year, i.e. no later than 30 June 2021 for the 2020 financial year:Read more
Payment services agent
A payment services agent is one that acts for account of a payment institution in the performance of payment services (definition in section 1 of the Financial Supervision Act (Wet op het financieel toezicht)) As a payment services agent is a separate legal entity or natural person, notification is subject to extensive requirements. A payment services agent must have control mechanisms in place to prevent money laundering and terrorist financing practices, and policy-makers must meet trustworthiness and competence standards. Notification by a payment services agent involves submission of documentation demonstrating that those standards are met.
To obtain the necessary entry in the public Register, kept by DNB, for a payment services agent in another Member State, the payment institution must submit a Notification, including the requisite documentation (under Section 42a, under c, of the Decree on Market Access for Financial Undertakings), to DNB. Notification involves completion of a notification form which also states what documentation is required.
Regarding that documentation DNB has drawn up a Q&A If the documentation provided is incomplete, DNB will inform the payment institution. Once the form and requisite documentation has been provided to the satisfaction of DNB, DNB will forward the notification documents to the competent authority of the host country, and a consideration period of one month will commence. Within this month, the host authority may respond to the notification if it has valid reasons to suspect that the activities of the prospective payment services agent will or may lead to money laundering or terrorist financing. In that case, DNB may refuse to make the necessary entry in the Public Register. Once the consideration period has lapsed, DNB will register the payment services agent. And once registered, the agent may provide the intended services in the host Member State.
DNB remains responsible for ongoing supervison of the payment services agent, which it may exercise in collaboration with the host authority. It is for the host authority to supervise compliance with the local regulations against money laundering and terrorist financing.
Notifications and specific questions regarding notification may be sent by email to email@example.com .
Related laws and regulations
Under Article 95(2) of (EU) Regulation 2015/2366 (PSD2), payment service providers must submit an assessment of their operational and security risks to the supervisory authority on an annual basis.Read more