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  • Sergiu Cioclea, Governor of the National Bank of Moldova

    1st Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;

  • Ion Sturzu, Deputy Governor of the National Bank of Moldova

    4th Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 607.

Please, note the requirements for receiving and examining petitions to the National Bank of Moldova !

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09.08.2013

Regulation on the activity of non-bank electronic money issuers and non-bank payment service providers, approved by the DCA of the NBM no. 123 of June 27, 2013

Note: The translation is unofficial, for information purpose only

Published in the Official Monitor of the Republic of Moldova no. 173-176, of 09 August 2013, Article 1221

Registered
at Ministry of Justice
of the Republic of Moldova
no. 930 of 01 August 2013

 

Approved
by the Decision of the Council of Administration
of the National Bank of Moldova
no.123 of 27 June 2013

Effective Date: 15 September 2013

 

REGULATION
on the activity of non-bank electronic money issuers
and non-bank payment service providers

(version complied with the amendments and completions according to the list*)

Amended by:

DCA of the NBM, no.105 of April 09, 2015, Official Monitor of the Republic of Moldova no. 124-130 of May 22, 2015
Decision of the EC of the NBM, nr. 104 of April 21, 2016, Official Monitor of the Republic of Moldova, nr. 140-149 of May 27, 2016

Chapter I
GENERAL PROVISIONS

1. Regulation on the activity of non-bank electronic money issuers and non-bank payment service providers (hereinafter Regulation) shall apply to non-bank payment service providers and non-bank electronic money issuers, which is aimed to regulate the activity of providing payment services and/or issuing electronic money.

2. The terms, notions and expressions used in this Regulation have the meanings provided in the Law on payment services and electronic money (hereinafter Law).

3. For the purposes of this Regulation, the following notions shall be used:
final settlement - the completion of a transaction between a payer and payee by settling their pecuniary liabilities;
persons acting in concert - persons who are in the situation when each of them decides to exercise their rights linked to the equity interest acquired or which they intend to acquire under an explicit or implicit agreement made between such persons.
non-bank payment service providers - payment institutions, postal operators as payment service providers, electronic money issuing companies as payment service providers;
fraud risk - the risk of situations in which the administrator or other employee working in the non-bank payment service provider/non-bank electronic money issuer acts intentionally by presenting erroneous information that leads to financial losses and loss of reputation of the entity;
liquidity risk - the risk of the situation in which the non-bank payment service provider fails to honor financial obligations in relation to the payment service user in set time;
operational risk - the risk that the deficiencies of the information system or internal procedures, human errors, management failures or disturbances caused by external events will reduce, damage or stop the activity of non-bank payment service providers and non-bank electronic money issuers;
business risk - the risk of using the payment services and electronic money issuance by the payment service users/electronic money holders for the purposes of money laundering and terrorist financing and other illegal purposes.

 

Chapter II
LICENSING

Section 1
General provisions

4. Pursuant to Art.7 paragraph (6) and Art.11 of the Law, the National Bank of Moldova has the exclusive right to issue licenses for the provision of payment services to payment institutions, postal service providers. Pursuant to Art.81 of the Law, the National Bank of Moldova has the exclusive right to issue licenses for the issuance of electronic money to electronic money institutions this license grants the right to provide payment services.

5. No person is entitled to practice the payment services listed in Art.4 of the Law and issue electronic money without a license issued by the National Bank of Moldova.

6. The payment institution/electronic money institution can be established in the form of joint stock or limited liability company and shall fall under the legislation regulating the activity of commercial institutions, unless the Law provides otherwise.

7. The payment institutions, postal service providers, electronic money institutions shall submit to the National Bank of Moldova an application for the issuance of the respective license, attaching the documents required by Art. 14 and Art. 84 of the Law and this Regulation.

8. Non-bank payment service providers/non-bank electronic money issuers based abroad, which would like to open branches in the Republic of Moldova, shall apply for a license from the National Bank of Moldova. Non-bank payment service providers/non-bank electronic money issuers based abroad shall submit to the National Bank of Moldova an application for issuing the license, attaching the documents required by Art. 17 and Art. 84 of the Law and this Regulation, which will be examined in the same terms and conditions as the national payment service providers.

 

Section 2
General requirements for license issuance application

9. Conditions for the establishment and licensing of payment institutions and the licensing conditions of postal service providers, as providers of payment services, are set out in Section 1 of Chapter III of the Law and this Regulation. Conditions for the establishment and licensing of electronic money institutions are set out in Section 2 of Chapter VI of the Law and this Regulation.

10. The written application for the issuance of license for payment services provision, prepared in accordance with the Annex no.1 to this Regulation, shall be submitted to the National Bank of Moldova by the administrator or the person authorized by the payment institution/postal service provider/electronic money institution.

11. The application and set of related documents shall be presented to the National Bank of Moldova in the state language of the Republic of Moldova and if application and set of related documents are drawn up in a foreign language, these shall be submitted in original with the translation into the official language of the Republic of Moldova, legally attested.

12. The documents attached to the application for license issuance shall be submitted to the National Bank of Moldova in original (signed and stamped) or certified copy, as appropriate, except where this Regulation provides otherwise.
(Item 12 amended by the Decision of the CA of the NBM no.105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

13. The payment institutions/postal service providers/electronic money institutions shall notify the National Bank of Moldova in the event of changes to any information previously submitted to the National Bank of Moldova. Notifications shall be submitted to the National Bank of Moldova within 10 working days following the changes, together with the documents confirming such changes.

131. The payment institutions/postal service providers intending to provide payment services, other than those included in the license issued by the National Bank of Moldova shall obtain a license for the respective services before commencing the provision of additional payment services, according to the provisions of this Section.
(Item 131 inserted by the Decision of the CA of the NBM no.105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

132. In order to approve the decision to issue a license by the National Bank of Moldova, according to the provisions of item 131 of this Regulation, the provisions of Chapter III Section 1 of the Law shall apply.
(Item 132 inserted by the Decision of the CA of the NBM no.105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

133. The payment institutions/postal service providers intending to issue electronic money shall, prior to carry out this activity, obtain licence for the activity to issue an electronic money in accordance with the provisions of this Section.
(Item 133 inserted by the Decision of the EC of the NBM no.104 of 21.04.2016, Official Monitor no. 140-149 of 27.05.2016, Article 987)

134. In order to approve the decision to issue a licence by the National Bank of Moldova according to the provisions of item 133 of this Regulation, the provisions of Chapter VI Section 2 of the Law shall apply.
(Item 133 inserted by the Decision of the EC of the NBM no.104 of 21.04.2016, Official Monitor no. 140-149 of 27.05.2016, Article 987)

135. Prior to issue the licence by the National Bank of Moldova according to the provisions of items 131-134, the payment institutions/postal service providers shall, within 30 days of the date on which the decision to issue the licence was communicated, submit the licence issued previously by the National Bank of Moldova. The license shall be issued within the term and conditions provided by Chapter VI Section 2 and Chapter III Section 1 of the Law.
(Item 133 inserted by the Decision of the EC of the NBM no.104 of 21.04.2016, Official Monitor no. 140-149 of 27.05.2016, Article 987)

 

Section 3
Minimum capital requirements

14. Pursuant to Art.12 of the Law, the payment institution/postal service provider, as a payment service provider, shall hold, at the time of submitting the application for license issuance, equity capital in the amount of:
a) at least MDL 350000 - where the payment institution/postal service provider, as a payment service provider, provides only the payment service provided for in Art. 4 paragraph (1) item 6) of the Law;
b) at least MDL 900000 - in case the payment institution/postal service provider, as a payment service provider, provides only the payment service provided for in Art. 4 paragraph (1) item 7) of the Law;
c) at least MDL 2200000 - where the payment institution/postal service provider, as a payment service provider, provides only the payment services provided for in Art. 4 paragraph (1) items 1) - 3), 5) or all services permitted according to Art.7 paragraph (4) and (5) of the Law.

15. Pursuant to Art.82 of the Law, the electronic money institution shall hold, at the time of submitting the application for license, equity capital of at least MDL 6000000.

16. Equity capital consists of:
a) subscribed and paid-in share capital, excluding cumulative preferential shares;
b) legal, statutory and other reserves;
c) profits of previous financial years, which remained after distribution according to the decision of the competent authorities.

17. Contributions to the share capital/shares shall be submitted/paid fully in pecuniary form both when forming and increasing the capital.

18. Funds obtained from by potential shareholders/associates of payment institutions/postal service providers/electronic money institutions from borrowings (bank credits) or other means attracted, including the advances of payment service users/electronic money holders and others, shall not be used a source of forming and increasing the share capital of these institutions.

19. Legal person are entitled to pay the shares/to make contributions to the capital of payment institution/postal service provider/electronic money institution in pecuniary form, within the limits of their equity capital (net assets), which shall not be less than their share capital.

20. The electronic money institution shall dispose at all times of its business of a regulatory capital that will not fall below the value specified in Art.83 paragraph (2) and (3) of the Law.
(Item 20 amended by the Decision of the NBM no.105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

201. The payment institutions/postal service providers shall have, at any time of its activity, a regulatory capital that will not fall below the amount stipulated in Article 13 paragraph (2) of the Law.
(Item 201 inserted by the Decision of the NBM no.105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

21. Within 30 days following the end of the reporting quarter, the payment institution/postal service provider shall submit to the National Bank of Moldova information related to equity capital, according to Annex no.2 to this Regulation, while the electronic money issuing institutions shall submit share information related to equity capital, according to Annex no.3 to this Regulation.
(Item 21 amended by the Decision of the CA of the NBM no.105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

211. The payment institutions/postal service providers shall submit to the National Bank of Moldova, at the latest on 31 January of the year following the reporting, information on the regulatory capital in accordance with Annex no. 6 to this Regulation, while the electronic money institution shall submit to the National Bank of Moldova, at the latest on 31 January of the year following the reporting, information on the regulatory capital in accordance with Annex no. 7 to this Regulation.
(Item 211 inserted by the Decision of the CA of the NBM no.105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

 

Section 4
Requirements to administrators

22. Pursuant to Art.15 paragraph (1) item 7) and Art.84 paragraph (1) of the Law, in order to issuing the license for payment institutions/postal service providers/electronic money institutions, their administrators shall have a good reputation, knowledge, appropriate experience to provide payment services or electronic money issuing services and these shall be appropriate to the nature, size and complexity of the activity.

23. It shall be deemed that the administrator has a good reputation if there is no evidence to the contrary that would create reasonable doubt on his/her reputation. The assessment of the good reputation of the administrators of the payment institutions/postal service providers/electronic money institutions shall be carried out pursuant to the following criteria:
a) professionalism;
b) good faith;
c) integrity.

24. The professionalism of administrator shall be assessed taking into account his/her previous experience in managing an entity or its activities, demonstrating the ability to ensure effective management.

25. Good faith consists in the exercise of the rights and obligations arising from holding the position of administrator in accordance with public order and good morals and is presumed until proven otherwise.

26. The integrity of administrators shall be assessed taking into account, on a case by case basis, depending on the seriousness of the circumstances of each case, the following aspects and situations:
a) lack of criminal record;
b) lack of measures or sanctions applied to the administrator for breaching the legal provisions in the field of his/her activity where he/she had activated.

27. Requirements for the appropriate knowledge and experience for administrating the payment institution/postal service provider/electronic money institution, as well as in case of branches/payment agents holding a share greater than 10% of the annual payments made by the payment institution/ postal service provider/electronic money institution, are met if:
a) administrator has a higher level of education;
b) administrator has at least 3 years work experience as an administrator or 3 years of experience in the field;
c) National Bank of Moldova has obtained certainty (following the application of the following measures: conducted interview, requested additional information) regarding possession by the administrator of appropriate knowledge and experience for the respective position.
(Item 27 amended by the Decision of the NBM no. 105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

271. Requirements for the appropriate knowledge and experience for administrating the branch/payment agent holding a share greater than or equal to 10% of the annual payments made by the payment institution/ postal service provider/electronic money institution, are met if:
a) administrator possesses secondary or higher education;
b) administrator has experience in serving individuals, namely payments services provision and payments collection;
c) National Bank of Moldova has obtained certainty (following the implementation of the following measures: conducting an interview, requesting additional information) on the administrator possession of appropriate knowledge and experience to fulfil the respective function.
(Item 271 inserted by the Decision of the CA of the NBM no. 105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

28. Along with the application for the issuance of license for payment service provision/electronic money issuance, the payment institutions/postal service providers/electronic money institutions shall submit to the National Bank of Moldova the decision of the competent body on the designation of the person as administrator or an equivalent document evidencing that the respective person holds the position of administrator within the institution and the following documents for the administrator:
a) a copy of the identity document together with the original for verification purposes (which is returned afterwards) or a certified copy of the identity document. In the case of a resident agent administrator holding a share equal to or less than 10% of the annual payments value, the payment institution/ postal service provider/ electronic money institution shall submit an authenticated copy of its identity document;
b) criminal record certificate or other equivalent document issued by the competent authorities in the country of domicile/residence;
c) curriculum vitae, which shall include at least information on completed studies, with the indication of the graduated educational institution, the nature of the courses and the year of graduation, a detailed description of the activities previously carried out, indicating the name, address and profile of the entity in which the designated person used to work, the nature and duration of the activities carried out, responsibilities exercised and, where appropriate, the authority responsible for the supervision of each of the entities in which the person has activated;
d) a copy of the employment record book together with the original for verification purposes (which is returned afterwards) or a certified copy of the employment record book stating previous work experience and extra activities or functions exercised when submitting the necessary documents or other relevant references from previous employer when the legislation in other countries does not provide for an employment record book. In the case of a resident agent administrator holding a share equal to or less than 10% of the annual payments value, the payment institution/ postal service provider/electronic money institution shall submit an authenticated copy of its employment record book;
e) a copy of the graduation diploma together with the original for verification purposes (which is returned afterwards) or a certified copy of the diploma. In the case of a resident agent administrator holding a share equal to or less than 10% of the annual payments value, the payment institution/postal service provider/electronic money institution shall submit an authenticated copy of its graduation diploma;
f) the certificate on absence of debts to the national public budget;
g) the questionnaire provided in Annex no.4 to this Regulation.
(Item 28 amended by the Decision of the CA of the NBM no. 105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)
(Item 28 amended by the Decision of the EC of the NBM no.104 of 21.04.2016, Official Monitor no. 140-149 of 27.05.2016, Article 987)

281. The payment institution/postal service provider/electronic money institution intending to provide payment services through a branch / payment agent shall submit to the National Bank of Moldova documents and information concerning their administrators in accordance with Article 27 of the Law and items 11, 12, 27, 271 and 28 letters a) – e) and g) of this Regulation.

(Item 281 inserted by the Decision of the CA of the NBM no.105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)
(Item 281 amended by the Decision of the EC of the NBM no.104 of 21.04.2016, Official Monitor no. 140-149 of 27.05.2016, Article 987)

282. In accordance with the requirements provided for in Article 27 paragraph (3) letter c) of the Law and in order to make the corresponding entries in the register according to Article 27 of the Law, the payment institutions/postal service providers/electronic money institutions intending to provide payment services through an agent holding the licence of the National Bank of Moldova (bank, payment institution/postal service provider/electronic money institution) shall submit to the National Bank of Moldova a declaration on own responsibility of the agent administrator confirming that the information submitted previously to the National Bank of Moldova is up to date, truthful and complete.
If the information submitted previously to the National Bank of Moldova with the purpose of obtaining a licence for the agent (bank, payment institution/postal service provider/electronic money institution) has been changed, the payment institutions/postal service providers/electronic money institutions shall submit a declaration on own responsibility of the agent administrator with regard to such changes, attaching the documents confirming them.
(Item 282 inserted by the Decision of the EC of the NBM no.104 of 21.04.2016, Official Monitor no. 140-149 of 27.05.2016, Article 987)

29. If the submitted documents or information are insufficient for determining compliance of designated person with the requirements to administrators, the National Bank of Moldova may request additional documents and information, carry out further investigations, may consult public authorities and other legal entities on the activities performed by the person designated as administrator and may perform an interview with the person designated for the purposes set out in item 30 of this Regulation.

30. The interview with the person designated as the administrator of the non-bank payment service provider/non-bank electronic money issuer shall be performed in order to:
a) determine the level of general and specific knowledge needed for the activity of payment service provision/electronic money issuance, including the legal framework and normative acts of the National Bank of Moldova needed to fulfil his/her job obligations, or, where appropriate, the level of knowledge in managing the aforementioned activities;
b) obtain clarifications from the designated person with regard to particular aspects concerning the accuracy and veracity of the documents and information submitted in accordance with item 28;

31. If during the course of the activity of payment services provision/electronic money issuance some changes have occurred with regard to the persons holding the position of administrator, the non-bank payment service provider shall notify the National Bank of Moldova of such changes, complying with requirements of the items 28 and 281 for each newly appointed administrator.

32. National Bank of Moldova is obliged to check the compliance of documents confirming the changes referred to in item 31 with the requirements described in items 28 and 281 within 30 working days from date of submitting the set of documents and information required. Non-bank payment service provider shall remove, within 15 working days, the shortcomings identified and communicated by the National Bank of Moldova.

 

Section 5
Qualifying holdings and close links

33. Pursuant to Art.15 paragraph (1) item 8 and Art.84 paragraph (1) of the Law, in order to issue the license to the payment institutions/postal service providers/electronic money institutions, persons that hold qualifying holdings shall have good reputation, appropriate knowledge and experience to possess qualifying holdings and shall be appropriate to the nature, size and complexity of the activity.

34. It shall be deemed that the person that holds qualifying holdings has good reputation if there is no evidence to the contrary that would create reasonable doubt on his/her reputation. The assessment of the good reputation of the persons owning qualifying holdings shall be carried out pursuant to the following criteria:
a) good faith;
b) integrity.

35. Good faith consists in the exercise of the rights and obligations arising from owning qualifying holdings in accordance with public order and good morals and is presumed until proven otherwise.

36. The integrity of persons that hold qualifying holdings shall be assessed taking into account the following aspects and situations:
a) lack of criminal record;
b) incorrect attitude in the activities performed in the past (evidence that the person was not transparent, open and cooperative in relation with the supervisory or regulatory authority, prohibition to occupy a leading position in an entity);
c) the person that hold qualifying holding shall contribute to the capital of the payment institution/electronic money institution in order to diversify the portfolio and/or to obtain dividends or income, and not in order to be involved in the management of the institutions concerned.

37. The payment institution/postal service provider/electronic money institution shall submit to the National Bank of Moldova, within 10 working days following the change in the information attached to the application for license issuance, the following documents and information with regard to the persons that hold qualifying holdings:
1) For legal entities owning qualifying holdings, except banks:
a) registration decision issued by the State Registration Authority, stating at least the name, address, date of registration, the persons legally authorized to represent the legal entity and the object of its activity;
b) criminal record certificate or other equivalent document issued by the competent authorities of the country of origin;
c) the questionnaire provided in Annex no.5 of this Regulation, completed and signed by the authorized person of the person intending to acquire a qualifying holding;
d) other information according to item 3 sub-item 5) of Annex no.1 to this Regulation.
2) For individuals owning qualifying holdings:
a) a certified copy of the identity document;
b) criminal record certificate or other equivalent document issued by the competent authorities in the country of domicile/residence;
c) the questionnaire provided in Annex no.5 of this Regulation, completed and signed by the person intending to acquire a qualifying holding;
d) other information according to item 3 sub-item 4) of Annex no.1 to this Regulation.

38. The payment institution/postal service provider/electronic money institution shall notify the National Bank of Moldova on the changes made in the list of persons with close links with the payment institution/postal service provider/electronic money institution, communicating the identification elements of persons who fall into this category, within 10 working days following the change in question.

39. The following persons are presumed to act in concert if there is no evidence to the contrary:
1) involved persons;
a) persons that control or are controlled by a non-bank payment service provider/non-bank electronic money issuer or that are under joint control;
b) persons that participate directly or indirectly in the conclusion of agreements in order to obtain or exercise voting rights jointly, if the shares subject to the agreement grant a controlling position;
c) individuals within payment service institutions, electronic money institutions that are part of the company’s control and management;
d) spouses, relatives and in-laws, second-rank ones included, of the individuals referred to in letters a) - c) of this sub-item;
e) persons that are able to appoint the majority of board members within a payment institution/postal service provider/electronic money institution;
2) the parent company together with its subsidiaries, as well as any of the subsidiaries of the same parent company among themselves;
3) a person with its board members and with the involved persons, as well as these persons among themselves;
4) a person with its pension fund and with the management company of these funds;

40. The payment institution/postal service provider/electronic money institution shall have in place internal policies and procedures for gathering information on concerted activity of persons holding equity interest in the non-bank payment service provider/non-bank electronic money issuer, including changes in the data previously presented.

41. If a person intending to acquire qualifying holdings in an electronic money institution, the person is obliged to obtain the permission of the National Bank of Moldova, informing about the decision to acquire equity interest by submitting a written request.

42. To obtain the permission referred to in item 41 of this Regulation, a person intending to acquire a qualifying holding shall submit a written request to that effect, attaching the questionnaire completed by the person intending to acquire a qualifying holding in accordance with Annex no.5 to this Regulation.

 

Section 6
Issuance of license and authorized copies of the license, reissuance of license and authorized
copies of the reissuance of license, duplicate copy of licensemand authorized copies of the duplicate copy of license

43. National Bank of Moldova shall issue the license to the payment service provider/postal service provider/electronic money issuer under the terms of the Law and the requirements of this Regulation.

44. Terms of communication of the decision to issue the license/authorized copy of the license/validity and license fee/authorized copy of the license/reissued license/authorized copy of the reissued license/duplicate of the license/authorized copy of the duplicate of the license shall be determined in accordance with Art.18-20 of the Law. Fees charged for the issuance/reissuance of the license according to Art. 20 paragraph (5) shall be paid into the state budget within 5 working days from communicating the decision on the issuance or reissuance of the license and the document confirming the payment of the fee for the issuance or reissuance of the license shall be submitted to the National Bank of Moldova within 30 working days from the date the person has been informed about the decision on the issuance or reissuance of the license.

45. Pursuant to Art.19 paragraph (5) and Art.84 paragraph (1) of the Law and Art.14 paragraph (5) of the Law on licensing of entrepreneurial activity, the National Bank of Moldova shall issue authorized copies of the license for each branch of the payment institution/postal service provider/electronic money institution that will activate under the license granted.

46. The payment institution/postal service provider/electronic money institution intending to provide payment services through a branch shall submit to the National Bank of Moldova an application for the issuance of authorized copy of the license, following the registration of the branch at the State Registration Chamber, attaching the following documents:
a) the decision to register the branch;
b) the copy of the regulation of the branch, registered at the State Registration Chamber, authorised by the payment institution/postal service provider/electronic money institution.
(Item 46 amended by the Decision of the CA of the NBM no. 105 of 09.04.2015, Official Monitor no.124-130 of 22.05.2015, Article 882)

47. If the applicant is informed about the decision on the issuance of authorized copies of the license, the applicant shall submit to the National Bank of Moldova a document confirming the payment of fee.
(Item 47 amended by the Decision of the CA of the NBM no. 105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

48. After submitting the application and the document confirming the payment of fee, as stipulated in items 46 and 47 of this Regulation, the payment institution/postal service provider/electronic money institution shall submit to the National Bank of Moldova the original license for making photocopies of it. National Bank of Moldova shall make the photocopies of the original license during the same day.
The authorized copy of the license shall be prepared and issued within 5 working days from the date of submitting the original license to the National Bank of Moldova.
After the registration the object of activity of the branch of the payment institution/postal service provider/electronic money institution by the State Registration Chamber, the National Bank of Moldova shall register the branch of the payment institution/postal service provider/electronic money institution in the register of payment institutions/register of electronic money institutions, according to Article 27 or 90 of the Law.
(Item 48 amended by the Decision of the CA of the NBM no. 105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

49. The submission of the original license to the National Bank of Moldova and its return to the applicant, as well as the receipt of authorized copies of the license from the National Bank of Moldova shall be made through the administrator or the person authorized by the payment institution/postal service provider by affixing his/her signature.

50. The authorized copy of the license of the payment institution/postal service provider/electronic money institution shall meet the following requirements:
a) the first page in the top right shall contain the following inscription:
“Authorized copy for the branch     (name)     

with the address on                               

Deputy Governor    (signature) , (date)

b) the original signature of the Deputy Governor of the National Bank of Moldova and the date of signature on the respective inscription;
c) the stamp of the National Bank of Moldova with coat of arms shall be applied on the respective inscription and on the signature of the Deputy Governor.
d) the pages shall be sewn by applying on the last page of signature of the head of Secretarial Section of the National Bank of Moldova and stamp of the secretariat of the National Bank of Moldova.
(Item 50 amended by the Decision of the NBM no. 105 of 09.04.2015 Official Monitor no. 124-130 of 22.05.2015, Article 882)
(Item 50 amended by the Decision of the EC of the NBM no.104 of 21.04.2016, Official Monitor no. 140-149 of 27.05.2016, Article 987)

51. If the name or other data contained in the license has been changed, the payment institution/postal service provider/electronic money institution shall submit a written application for a reissuance of the license within 10 working days since the name and change other data contained in the license of payment institution/postal service provider/electronic money institution have been changed.
(Item 51 amended by the Decision of the CA of the NBM no. 105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

52. The license/authorized copy of the license to be reissued and the documents confirming the changes (decision on the registration, decision on the changes, submitted in original or copy providing the original for verification purposes (which is returned afterwards)) shall be attached to the application submitted to the National Bank of Moldova, taking into account the followings:
a) the payment institution/postal service provider/electronic money institution shall attach the original copy of the license to the request for license reissuance;
b) if the payment institution/postal service provider/electronic money institution have branches, shall attach to the request for license reissuance the original copy of the license and the original authorized copies of the licensed;
c) the original of the license (which is later returned) for making photocopy and the authorized copy of the license shall be attached to the request for authorized copy of the license reissuance.
(Item 52 amended by the Decision of the CA of the NBM no. 105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

53. If the decision on the reissuance of license/authorized copy of the license has been adopted, the applicant shall submit a document confirming the payment of fee for the license reissuance/authorized copy of the license.

54. If the payment institution/postal service provider/electronic money issuing company has opened branches, it shall request in the application for license reissuance an authorized copy of the reissued license for each of its branches, attaching the list of the branches with indication their name and address.

55. Within 10 working days of the date of application of the request for license reissuance, the National Bank of Moldova shall notify the applicant of the adoption of the decision on license/authorized copy of the license reissuance.

56. The reissued license/authorized copy of the reissued license shall be issued not later than 3 working days from the date of receipt of document confirming the payment of fee for reissuance.

57. The reissued license/authorized copy of the reissued license and the original of the license attached to the application for authorized copy of the license reissuance for the purpose of making photocopy, shall be handed over against signature to the license holder administrator or to the person authorized by him/her.

58. In case of loss or damage of the license/authorized copy of the license, the payment institution/ electronic money institution/ postal service provider is obliged to submit a written request for issuance of a duplicate license/authorized copy of the license within 15 working days from the loss or damage of the license, attaching the document confirming the payment of fee for the issuance of a duplicate license/duplicate authorized copy of the license.

59. In case of damage, in addition to those mentioned in item 58 of the Regulation, as applicable, shall be attached to the request for a duplicate license/ authorized copy of the duplicate license the following:
a) the payment institution/postal service provider/electronic money institution shall attach to the request for a duplicate license the damaged license;
b) in case of branches, the payment institution/postal service provider/electronic money institution shall attach to the request for a duplicate license the damaged license and the authorized copies thereof;
c) the original of the license (which is later returned) for making photocopy and the authorized copy of the license shall be attached to the request for a duplicate authorized copy of the license.

60. In case of loss, the payment institution/postal service provider/electronic money institution shall attach the following documents to the request for a duplicate license/ authorized copy of the duplicate license:
a) in case of branches, the payment institution/postal service provider/electronic money institution shall attach the to the request for a duplicate license the authorized copies of the license;
b) the original of the license (which shall be returned) for the purpose of making photocopies thereof shall be attached to the request for a duplicate authorized copy of the license.

61. National Bank of Moldova shall issue the duplicate license/authorized copy of the license within 3 working days of the date of request for issuance of a duplicate.

62. National Bank of Moldova shall apply on the duplicate license the following inscription:

„Duplicate issued on

In case of branches, shall issue to the payment institution/postal service provider/electronic money institution an authorized copy of the duplicate license for each of the branch, with the inscription referred to in item 50 of this Regulation.
In case of request a duplicate of the authorized copy of the license of the branch, National Bank of Moldova shall issue the duplicate of the authorized copy of the license with the following inscription:

„Duplicate issued on

Authorized copy for the branch            (name)            

 

with the headquarters at                                      

Deputy Governor          (signature) , (date)                 ”;

(Item 62 amended by the Decision of the CA of the NBM no. 105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

63. Duplicate license/authorized copies of the duplicate license and, where appropriate, the originals of the license/authorized copies of the licenses subject to return shall be handed over against signature of the license holder administrator or person authorized by him/her.
(Item 63 amended by the Decision of the CA of the NBM no. 105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

 

Chapter III
ACTIVITY OF THE PAYMENT INSTITUTIONS/POSTAL SERVICE PROVIDERS/ELECTRONIC MONEY INSTITUTIONS

Section 1
Outsourcing of operational functions, reporting and accounting requirements

64. The payment institution/postal service provider/electronic money institution shall notify the National Bank of Moldova if significant operational functions are to be outsourced, according to the terms and conditions set out in Art. 28 and Art. 90 of the Law.

65. An operational function is considered significant if the occurrence of difficulty or failure in the process of achieving them would significantly harm the payment institution’s ability to comply permanently with the license conditions or other obligations imposed by the Law and this Regulation or would materially affect the financial performance, stability of the payment institution or continuity of the provision of payment services and refers to the activities for which the payment institutions/postal service providers/electronic money institutions were licensed and their related activities.

66. Outsourcing of important operational functions shall not affect the quality of internal control mechanisms of the payment institution/postal service provider/electronic money issuing company and shall not hinder the National Bank of Moldova from monitoring the compliance with all obligations laid down in the Law and this Regulation and shall not hinder the relevant public authorities from exercising their control duties.

67. The notification on the outsourcing of operational functions relating to the payment service to another legal entity shall be accompanied by the following information:
a) description of operational functions to be outsourced;
b) identity of the legal entity to which will be outsourced;
c) description of the procedures by which the payment institution/postal service provider/electronic money institution ensures the compliance with the Law and the requirements of this Regulation, detailing the mechanisms by which non-bank payment service provider/electronic money institution as issuer ensures the compliance with the conditions laid down in item 66 of this Regulation;
d) information on whether the operational functions to be outsourced are significant according to the criteria set out in item 65 of this Regulation.

68. The payment institution, postal service provider, electronic money institution shall keep the accounting records in accordance with the Accounting Law and in accordance with the principles and general provisions of IFRS or NAS, submit to the National Bank of Moldova separate accounting information and other requested information and audit the annual financial statements in accordance with Art. 30 of the Law.

69. Within 30 days following the reporting quarter, the payment institution/postal service providers shall report quarterly to the National Bank of Moldova the accounting information provided for in Art.29 of the Law, according the to Annex no.2 to this Regulation, while the electronic money institution shall report the accounting information provided for in Art.91 of the Law, according the to Annex no.3 to this Regulation.

70. The payment institutions/postal service providers/electronic money institutions shall submit to the National Bank of Moldova the external audit report according to the term and conditions set out in the Accounting Law.

 

Section 2
Use of payment account and funds protection

(Item 71 excluded by the Decision of the CA of the NBM no. 105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

(Item 72 excluded by the Decision of the CA of the NBM no. 105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

73. To open and manage a payment account, the payment institution/postal service provider/electronic money institution shall meet the requirements of laws and regulations, including those related to the prevention and combating money laundering and terrorist financing.

74. When the non-bank payment service providers perform the payment transactions referred to in Article 4 paragraph (1) item 3) letters a) – c) and item 5 of the Law, the final settlement of funds shall be made through bank accounts.
(Item 74 amended by the Decision of the CA of the NBM no. 105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

75. The electronic money institution as issuer of electronic money shall keep a separate record of the electronic money issued, distributed and redeemed for each electronic money holder. If the electronic money institution operates and/or as a payment service provider, it shall operate under the conditions specified in items 73-74 of this Regulation.
(Item 75 amended by the Decision of the CA of the NBM no. 105 of 09.04.2015, Official Monitor no. 124-130 of 22.05.2015, Article 882)

76. The payment institution/postal service provider/electronic money institution shall separate the funds received from each user of payment services/electronic money holder from all other funds in its possession. Separation of funds shall be made as soon as funds are received.

77. The payment institution/postal service provider/electronic money institution is obliged to protect its users funds received for the provision of payment services/issuance of electronic money in accordance with Art. 26, Art.89 of the Law. The bank account opened by the payment institution/postal service provider/electronic money institution, in which the funds received from users are deposited (recorded), shall not be used for the funds belonging to the payment institution/postal service provider/electronic money institution and for other funds or assets.

 

Chapter IV
RISK MANAGEMENT THROUGH INTERNAL CONTROL SYSTEMS

78. The payment institution/postal service provider/electronic money institution shall establish and apply internal procedures to identify, manage, monitor and report the risks it is or might be exposed to in the conduct of payment services provision/electronic money issuance adapted to the nature, extension and complexity of the activity carried out. The payment institution/postal service provider/electronic money institution may be exposed, at least, to the following types of risks: liquidity risk, operational risk, fraud risk, business risk.
(Item 78 amended by the Decision of the EC of the NBM no.104 of 21.04.2016, Official Monitor no. 140-149 of 27.05.2016, Article 987)

79. To ensure an effective internal control system, the payment institution/postal service provider/electronic money institution shall permanently identify and assess the risks associated with its business. The risk assessment and identification shall be made on an overall basis as well as on all organizational levels, covering all activities and taking into account the emergence of new activities. The risk assessment related to the activity of the payment institution/postal service providers/electronic money institution shall be made at least once a year.
(Item 79 amended by the Decision of the EC of the NBM no.104 of 21.04.2016, Official Monitor no. 140-149 of 27.05.2016, Article 987)

80. The persons responsible for risk management within the payment institution/postal service provider/electronic money institution shall have sufficient experience and appropriate skills so that to play a significant role in the risk identification, measurement and assessment.

81. The payment institution/postal service provider/electronic money institution shall establish internal proceduresto minimize the risk of loss or diminution of funds through fraud, abuse, negligence or maladministration. The respective internal procedures shall include at least provisions for:
a) ensuring the necessary security framework (to prevent fraud or abuse both among its employees, as well as those made by third parties, by conducting at least control and monitoring the access to confidential information, to secure the storage and transmission of confidential information, to instruct clients in precautions to be undertaken etc.);
b) ensuring personnel competence by describing explicitly, at least, the obligations and responsibilities of personnel, providing regular trainings associated with the changes made in their tasks/information technology upgrades, conducting controls on the execution of tasks, etc.
(Item 81 amended by the Decision of the EC of the NBM no.104 of 21.04.2016, Official Monitor no. 140-149 of 27.05.2016, Article 987)

 

 

Annexes

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