Regulatory Alerts2020-01-01
Decision Amending the Decision on Detailed Conditions for Providing Activities of the Payment Service Agent
The Central Bank of Montenegro Council amended the regulatory framework governing payment service agents to enforce stricter eligibility criteria, including requirements for internal anti-money laundering controls and employee training. The revision mandates that payment service providers submit comprehensive documentation, such as reputation certificates and infrastructure descriptions, when registering agents or adding new services. Additionally, the Central Bank is empowered to order the termination of agency agreements if providers fail to supervise their agents' compliance with payment system laws.
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