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11 August 2021 Supervision Supervision label Q&A

Question:

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

Answer:

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

  1. A statement of the name, address, telephone number and e-mail address of the payment services agent.
  2. The identity of the persons (co-)determining the payment services agent’s policies as well as information showing that they have expertise and are persons of integrity.

    Data regarding identity:
    • A copy of a valid identity document.
    Data regarding expertise:
    • Evidence on the basis of which the payment institution holds that the (co-) policymaker has the required expertise.
    • Curriculum vitae.

    Data regarding integrity:
    • Evidence on the basis of which the payment institution holds that the (co-) policymaker is a person of integrity. Such evidence may, for instance, consist of a certificate of good conduct, the report of a vetting procedure and the results of explicit questioning of the (co-)policymaker about incidents in the past which had a bearing on integrity.

    Please note:
    The certificate of good conduct must have been issued no more than six months prior to notification. DNB requests these data for all persons who own 30 per cent or more of the institution or whose influence on policy-making exceeds 30 per cent.

  3. A description of the internal control mechanisms which will be used by the payment services agent in order to ensure compliance with national legislation and regulation in respect of money laundering (AML) and financing of terrorism. The payment institution must describe how it checks that the agent does not get involved in money laundering or financing of terrorism.
  4. A description of the organisational structure of the agent, including any branches.