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2024-01-11

Decision No 11 of 11 January 2024 on the approval of the Regulation on licencing and registration of payment institutions, electronic money institutions and postal service providers

The Executive Board of the National Bank of Moldova issued Decision No 11 to approve the new Regulation governing the licensing and registration of payment institutions, electronic money institutions, and postal service providers acting as payment service providers. This decision repeals the previous Decision No 217/2019 and establishes a phased entry into force, with general provisions effective upon publication and specific provisions for non-bank providers effective from 5 August 2024. It mandates that existing licensees adapt their internal procedures and management frameworks to comply with the new requirements by specified deadlines in early 2024.

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EXECUTIVE BOARD OF THE NATIONAL BANK OF MOLDOVA

DECISION No 11 of 11 January 2024

on the approval of the Regulation on licencing and registration of payment institutions, electronic money institutions and postal service providers acting as payment service providers and/or electronic money issuers (in force from 26.01.2024, with some exceptions according to point 3)

Amended by: Decision No 267 of October 31, 2024 of the Executive Board of the NBM, MO No 459-461 of 07.11.2024, art.872

Pursuant to Article 14 paragraph (1) and (2), Article 17 paragraph (12), Article 19 paragraph (5), Article 21 paragraph (3), Article 23¹ paragraph (1), Article 84 and Article 94 paragraph (1) letter c) of Law No 114/2012 on payment services and electronic money (Official Monitor of the Republic of Moldova, 2012, No 193-197, Article 661), with further amendments, the Executive Board of the National Bank of Moldova

DECIDES:

  1. To approve the Regulation on licencing and registration of payment institutions, electronic money institutions and postal service providers acting as payment service providers and/or electronic money issuers (shall be attached).

  2. To repeal the Decision of the Executive Board of the National Bank of Moldova No 217/2019 (Official Monitor of the Republic of Moldova, 2019, No 269-272, Article 1460), registered at the Ministry of Justice of the Republic of Moldova on 21 August 2019, No 1485.

  3. This Decision shall enter into force on the day of its publication in the Official Monitor of the Republic of Moldova, except the provisions on licencing and registering the non-bank payment service providers that provide payment services referred to in Article 4 paragraph (1) item 8) and 9) of Law No 114/2012 on payment services and electronic money, which shall enter into force on 5 August 2024. [Point 3 amended by Decision No 267 of 31 October 2024 of the Executive Board of the NBM]

  4. Within up to 6 February 2024, non-bank service providers holding a licence of the National Bank of Moldova for providing payment services and/or issuing electronic money, issued under Law No 114/2012 on payment service and electronic money, shall adapt their questionnaires, mechanisms and internal procedures according to the provisions of this Regulation, which shall enter into force on the day of their publication in the Official Monitor of the Republic of Moldova.

  5. Within up to 3 months from the date of entry into force of this Decision, non-bank payment service providers, holding a licence of the National Bank of Moldova for providing payment services and/or issuing electronic money, issued under Law No 114/2012 on payment service and electronic money, shall identify the key personnel and ensure that the management framework of non-bank payment service providers complies with the legal requirements.

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