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Article (15): Use of Agents and Branches

C 15/2021 Effective from 6/6/2021
  1. Where a Payment Service Provider intends to provide Retail Payment Services through an Agent or branch, it must conduct an assessment of such arrangement and provide a report on an annual basis to the Central Bank of the following:
     
    1. 1.1. name and address of the Agent or branch;
       
    2. 1.2. assessment of the adequacy of the internal control mechanisms that will be used by the Agent in order to comply with AML/CTF requirements;
       
    3. 1.3. assessment of the Persons responsible for the Management of the Agent or branch, and evidence that they fulfil the fit and proper requirements specified by the Central Bank; and
       
    4. 1.4. the scope of Retail Payment Services for which the Agent or branch is mandated.
       
  2. Payment Service Providers shall contractually ensure that Agents acting on their behalf disclose this fact to the Retail Payment Service Users.
     
  3. Payment Service Providers shall immediately notify the Central Bank of any change regarding the use of Agents or branches.