RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of December 28, 2023 No. 501

About internal control when implementing transactions with electronic money

Based on part one of article 39 of the Bank code of the Republic of Belarus, paragraph two of part two of article 16 of the Law of the Republic of Belarus of June 30, 2014 "About measures for prevention of legalization of income gained in the criminal way of financing of terrorist activities and financing of distribution of weapons of mass destruction" the Board of National Bank of the Republic of Belarus DECIDES: No. 165-Z

1. Approve the Instruction about requirements to rules of internal control in the sphere of prevention of legalization of income gained in the criminal way, financings of terrorist activities and financing of distribution of weapons of mass destruction when implementing transactions with electronic money it (is applied).

2. To provide to payment service providers on the transactions with electronic money performing opening of e-wallets to users at the time of entry into force of this resolution, being banks after entry into force of this resolution in three-months time reduction of rules of internal control in compliance with the Instruction about requirements to rules of internal control in the sphere of prevention of legalization of the income received in the criminal way, financings of the terrorist activities and financing of distribution of weapons of mass destruction when implementing transactions with electronic money approved by this resolution.

3. This resolution becomes effective after its official publication.

Approved by the Resolution of Board of National Bank of the Republic of Belarus of December 28, 2023 No. 501

The instruction about requirements to rules of internal control in the sphere of prevention of legalization of income gained in the criminal way, financings of terrorist activities and financing of distribution of weapons of mass destruction when implementing transactions with electronic money

Chapter 1. General provisions

1. This Instruction determines requirements to rules of internal control of the payment service providers on transactions with electronic money performing opening of e-wallets to users in the sphere of prevention of legalization of income gained in the criminal way, financings of terrorist activities and financing of distribution of weapons of mass destruction (further – POD/FT) when implementing transactions with electronic money.

Payment service provider on the transactions with electronic money performing opening of e-wallets to users is the issuer of electronic money – the resident or the nonresident (further – the issuer).

2. For the purposes of this Instruction the following terms and their determinations are used:

identification agents – persons performing identification of clients of the issuer according to its order based on the agreement or the legal act;

the analyzed period – the interval of time averaging one calendar month for which the issuer analyzes financial transactions of the client at stage of the subsequent control;

the questionnaire of the client – data set, the information about the client and his activities, the stipulated in Clause 8 Laws of the Republic of Belarus collected by the issuer during identification and verification of the client, containing "About measures for prevention of legalization of income gained in the criminal way, financings of terrorist activities and financing of distribution of weapons of mass destruction", by this Instruction and rules of internal control;

questioning – creation by the issuer of the questionnaire of the client;

suspicious financial transaction – financial transaction on which the issuer after adoption by him of the decision on its reference to the financial transaction which is subject to special control had suspicions about its implementation for the purpose of obtaining and (or) legalization of income gained in the criminal way, financings of terrorist activities and financing of distribution of weapons of mass destruction (further – OD/FT);

systematic implementation of financial transactions – numerous (three and more times) implementation by the client of the issuer of financial transactions for the analyzed period;

the nonresident participant – the nonresident who signed the contract with the resident issuer in accordance with the terms of which performs transfer to holders of electronic money and (or) repayment of the electronic money emitted by resident outside the Republic of Belarus;

members of electronic payment service provider (further – members of EPS) – distribution, exchange agents, to repayment of electronic money, payment service providers of initiation of payment;

financial transaction with electronic money (further – financial transaction) – transaction, stipulated in Item the 5th article 48 of the Law of the Republic of Belarus of April 19, 2022 No. 164-Z "About payment systems and payment services";

the financial transaction causing suspicion – financial transaction concerning which the issuer before adoption by it of the decision on reference its (not reference) to the financial transaction which is subject to special control had suspicions about its implementation for the purpose of OD/FT.

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