.. Loading ..

Rules for providers of non-banking payment services

October 23, 2019

The National Bank of Moldova recently approved the Regulation on the Activity of Non-Banking Payment Services Providers. The new Regulation substituted the 2013 Regulation on the Activity of Electronic Money Issuers and Non-Banking Payment Services Providers.

The Regulation is based on the Law on Payment Services and Electronic Money (which became effective in September 2013) and provides for a more detailed regulatory framework for the relevant services providers. It applies to the following categories of companies in Moldova: so called payment societies (companies that provide payment services and which are not banks, postal services providers or electronic money issuers), postal services providers that also provide payment services, and companies that can issue electronic money.

The Regulation lays down detailed conditions and procedures for licencing the aforementioned companies by the National Bank of Moldova. It also sets out the specific requirements to accounting and reporting for such companies.

Another issue which is substantially covered by the new Regulation is risk management related to internal control and IT and communications systems.

The Law on Payment Services and Electronic Money was passed in 2012 and aimed at implementing in Moldova the provisions of two EU Directives: Directive 2007/64/ on payment services in the internal market (no longer valid – substituted by Directive 2015/2366) and Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions.

* To learn more about the provisions of the Regulation or other legislative acts regulating non-banking payments and electronic money in Moldova, do not hesitate to contact us.