RESOLUTION OF NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of January 11, 2024 No. 11

About approval of Regulations about licensing and registration of payment societies, the societies issuing electronic money, and suppliers of post services as payment service providers and/or issuers of electronic money

Based on parts (1) and (2) the Art. 14, parts (12) the Art. 17, parts (5) the Art. 19, parts (3) the Art. 21, parts (1) the Art. 231, Art. 84 and the item c) parts (1) Art. 94 of the Law on payment services and electronic money No. 114/2012 (Monitorul Oficial al Republicii Moldova, 2012, No. 193-197, the Art. 661), with subsequent changes, the Executive committee of National Bank of Moldova DECIDES:

1. Approve Regulations about licensing and registration of payment societies, the societies issuing electronic money, and suppliers of post services as payment service providers and/or issuers of electronic money it (is applied).

2. Declare invalid the Resolution of Executive committee of National Bank of Moldova No. 217/2019 (Monitorul Oficial al Republicii Moldova, 2019, No. 269-272, the Art. 1460) registered in the Ministry of Justice on August 21, 2019 at No. 1485.

3. This resolution becomes effective from the date of publication in Monitorul Oficial al Republicii Moldova, except for the provisions concerning licensing and registration of the non-bank payment service providers delivering the payment services specified in the item 8) and 9) to part (1) Art. 4 of the Law on payment services and electronic money No. 114/2012, which will become effective 5.08.2024.

4. Till 6.02.2024 to the non-bank payment service providers having the license of National Bank of Moldova for implementation of activities for provision of payment services and/or to release of electronic money issued based on the Law on payment services and electronic money No. 114/2012, to correct questionnaires, mechanisms and internal procedures according to provisions of these regulations which become effective from the date of publication in Monitorul Oficial al Republicii Moldova.

5. Within 3 months from the date of entry into force of this resolution to the non-bank payment service providers having the license of National Bank of Moldova for implementation of activities for provision of payment services and/or to release of electronic money issued based on the Law on payment services and electronic money No. 114/2012, to determine persons holding key positions and to provide compliance of basis of management of non-bank payment service providers to requirements of the legislation.

Appendix

to the Resolution of Executive committee of National Bank of Moldova No. 11 of January 11, 2024

Regulations about licensing and registration of payment societies, societies issuing electronic money and suppliers of post services as payment service providers and/or issuers of electronic money

Chapter I General provisions

1. The regulations about licensing and registration of payment societies, societies issuing electronic money and suppliers of post services as payment service providers and/or issuers of electronic money (further – regulations) are applied to payment societies, including to those which provide services in informing on accounts, suppliers of the post services which are acting on the basis of the Law on mail service No. 36/2016 and to the societies issuing electronic money for the purpose of regulation of activities for their licensing and/or registration.

2. Provisions of these regulations are applied respectively also to departments of payment societies, suppliers of post services as payment service providers and/or issuers of electronic money, and to the societies issuing electronic money which shall be licensed according to Art. 17 and part (3) Art. 84 of the Law on payment services and electronic money No. 114/2012.

3. For the purposes of these regulations the used terms have the following values:

non-bank payment service providers – payment societies, including the societies providing services in informing on accounts suppliers of the post services licensed by National Bank of Moldova according to the Law on payment services and electronic money No. 114/2012, of society and/or issue the issuing electronic money which provides payment services electronic money;

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

fraud risk - risk of emergence of situations when body the management/member of governing body or other employee working for the non-bank payment service provider purposely provides wrong information which can lead to financial losses and can harmful affect reputation of the subject;

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;

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 in which obligations the information system management of the non-bank payment service provider enters;

the systems connected with ICT – ICT, adjusted and interconnected as part of the mechanism or the network supporting accomplishment of transactions of the non-bank payment service provider;

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 – systems/services ICT which are critical for the non-bank payment service provider 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;

the applicant - person who requests licensing/registration by National Bank of Moldova for rendering services and provision of the deyatelnost provided by the Law on payment services and electronic money No. 114/2012.

For the purposes of these regulations are used including terms and expressions of the Law on payment services and electronic money No. 114/2012.

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 the issued license/registration performed by National Bank of Moldova.

5. Non-bank payment service providers, except for departments from the Republic of Moldova of payment society of other state, 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. Information provided by applicants shall be truthful, complete, exact and urgent.

Chapter II Licensing

Part 1. General provisions

7. The applicant intending to provide payment services and/or to issue electronic money shall submit in National Bank of Moldova the application about licensing, with appendix of the necessary documents provided h (6) the Art. 7, Art. 14 and Art. 84 of the Law on payment services and electronic money No. 114/2012 and these regulations.

8. Non-bank payment service providers with the location abroad who intend to open departments in the territory of the Republic of Moldova shall submit the application but licensing from National Bank of Moldova as it is provided in Art. 17 and Art. 84 of the Law on payment services and electronic money No. 114/2012. According to part provisions (2) Art. 17 of the Law on payment services and electronic money No. 114/2012, for the purpose of implementation of prudential supervision by National Bank of Moldova all departments opened in the Republic of Moldova by the non-bank service provider of other state are considered as one department.

9. Payment societies / suppliers of post services which intend to provide payment services others, than included in the license granted by National Bank of Moldova prior to provision of additional payment services shall obtain the license for implementation of activities for provision of the corresponding services according to requirements of this part.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info