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18 February 2013 Supervision Supervision label

Question

What information must a payment institution submit to DNB for an outward notification procedure for a branch?

Answer:

For the notification procedure regarding a branch, the payment institution must at least provide the following information This is the information as referred to in Section 42a of the Decree on Market Access of Financial Undertakings (Besluit markttoegang financiële ondernemingen).

A request for notification of a branch must at least contain the following information:

  1. The full name and address, telephone number and email address of the branch.
  2. The identity of the persons who will determine the branch’s day-to-day policy.
    Please note: These persons must include a copy of a VALID identity document.
  3. A description of the manner in which the branch office will ensure compliance with national legislation and regulation in respect of money laundering (AML) and financing of terrorism.
  4. A description of the organisational structure of the branch office
    • An organisation chart;
    • Number of employees;
    • Reporting lines;
    • Key functions and the names of the incumbent
      The description must also show whether the branch intends to manage and control agents. In that case, the description should also explain the control mechanisms to be used by the branch in respect of these agents.
  5. A description of the nature of the payment services which the payment institution intends to provide from the branch and the manner in which the branch’s activities fit within the payment institution’s structure and strategy.
  6. A description of the control mechanisms which the payment institution will employ in regard of the branch

DNB may at any time request further information and/or an explanation of the data submitted.

Relevant to:

  • Payment institutions