RESOLUTION OF NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of August 16, 2019 No. 217

About approval of Regulations of o of activities of non-bank payment service providers

Based on the item m) parts (1) Art. 5, parts (1) Art. 11 and item c) parts (1) Art. 27 of the Law No. 548/1995 of on National Bank of Moldova (pereopublikovan: The official monitor of the Republic of Moldova, 2015, Art. No. 297-300, 544) with subsequent changes, and the Art. 11, the Art. 14, the Art. 27, the Art. 81, the item b) parts (2) the Art. 93, the item c) parts (1) Art. 94 of the Law No. 114/2012 of on payment services and electronic money (The official monitor of the Republic of Moldova, 2012, Art. No. 193-197, 661), with subsequent changes, DECIDES: Executive committee of National Bank of Moldova

1. Approve Regulations about activities of non-bank payment service providers it (is applied).

2. Cancel the Regulations about activities of issuers of electronic money and non-bank payment service providers approved by the Resolution of Administrative board of National Bank of Moldova No. 123/2013 (The official monitor of the Republic of Moldova, 2013, No. 173-176, the Art. 1221), with subsequent changes, registered in the Ministry of Justice of the Republic of Moldova on August 1, 2013 at No. 930.

3. Within 6 months from the effective date of these regulations to the non-bank payment service providers having licenses of National Bank of Moldova for implementation of payment services and/or services in release of electronic money issued according to the Law on payment services and electronic money No. 114/2012, to bring internal procedures into accord with provisions of these regulations.

Approved by the Resolution of Executive committee of National Bank of Moldova of August 16, 2019, No. 217

Regulations about activities of non-bank payment service providers

Chapter I General provisions

1. The regulations about activities of non-bank payment service providers are applied to payment societies, the suppliers of post services acting as payment service providers and to the societies issuing electronic money, its subject is the regulation of activities for provision of payment services and/or to release of electronic money.

2. The terms, concepts and phrases used in these Regulations have the values provided in the Law No. 114/2012 on payment services and electronic money. In addition for the purpose of these Regulations the following concepts are used:

non-bank payment service providers – payment society, suppliers of post services as payment service providers, the societies issuing electronic money;

date of submission of the declaration or statement - the date of receipt of single number of the declaration or statement through the Information system of National Bank of Moldova for licensing, permission and the notification;

final settlement – the termination of the transaction between the payer and the receiver, by settlement of monetary commitments between them;

fraud risk - risk of emergence of situations when the administrator or other employee working for the non-bank payment service provider acts purposely, providing wrong information and which lead to the related financial losses, and can harmful affect reputation;

liquidity risk - risk of emergence of situation which consists in non-compliance with financial liabilities by the non-bank payment service provider in relation to the user of payment services at the scheduled time;

operational risk - the risk proceeding from shortcomings of information system or internal procedures, the human mistakes, weak government or hindrances caused by external events which can reduce, damage or interrupt work of non-bank payment service providers;

business risk - risk which consists in use of payment services and services in release of electronic money, generally for the purpose of money laundering and financing of terrorism;

risk of information and communication technologies (risk of ICT) - subcategory of operational risk which belongs to risk of loss / negative impact because of compromise of confidentiality of information, integrity of information systems, unavailability information and/or systems of data and inability to change ICT during the certain period of time and on reasonable costs. These losses / negative impact can follow from external or internal factors, such as: the inadequate organization defective or not enough protected information systems and infrastructures of communication systems, and also the insufficient number of employees or not respectively qualified to which duties the information system management of the non-bank payment service provider belongs;

the services connected with ICT – the services provided by means of the ICT systems to one or several internal or external users;

the systems/services connected with critical ICT – the ICT systems/services which is critical for bank from prospect of their continuity and availability or information security of the processed and/or stored information, and very important for adequate functioning of management processes, critical corporate roles / obligations (including risk management), processes of activities and transactions of the non-bank payment service provider.

Chapter II Licensing

Part 1 General provisions

3. National Bank of Moldova according to h (6) Art. 7 and Art. 11 of the Law No. 114/2012 on payment services and electronic money has exclusive right to issue/revoke the licenses to payment societies and suppliers of post services. According to Art. 81 of the Law on payment services and electronic money No. 114/2012 the National Bank of Moldova has exclusive right to issue/revocation of licenses to the societies issuing electronic money for activities for release of electronic money.

4. Nobody has the right to practice the payment services listed in Art. 4 of the Law on payment services and electronic money No. 114/2012, and also to issue electronic money without license granted by National Bank of Moldova.

5. Non-bank payment service providers can be created as joint-stock companies or limited liability companies and fall under the legislation regulating activities of commercial societies if the Law on payment services and electronic money No. 114/2012 does not provide other.

6. Persons wishing to provide payment services / to issue electronic money, shall submit in National Bank of Moldova the application on receipt of the corresponding license with appendix of the necessary documents provided h (6) the Art. 7, Art. 14 and 84 of the Law No. 114/2012 on payment services and electronic money and these Regulations.

7. Non-bank payment service providers with the location abroad who want to open branches in the territory of the Republic of Moldova shall submit the application for the license from National Bank of Moldova. Non-bank payment service providers with the location abroad shall submit the application for licensing to National Bank with application of documents, the provided Art. 17 and 84 of the Law on payment services and electronic money No. 114/2012 and these Regulations.

8. The National Bank of Moldova informs the applicant on the beginning of consideration of the declaration and the decision on licensing or on declaration variation according to Art. 18 of the Law on payment services and electronic money No. 114/2012.

9. The National Bank of Moldova informs the applicant if the term of consideration of the declaration for receipt of the license is suspended, and informs on renewal of consideration of the declaration.

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