Regulatory Alerts2018-04-12
Instruction No. 002/2018-CSBF on Electronic Money Distribution Agents
The Banking and Financial Supervision Commission (CSBF) establishes comprehensive rules governing the selection, supervision, reporting obligations, and penalties for distribution agents appointed by electronic money institutions (EMEs) and credit institutions (ECs). The instruction mandates standardized mandate contracts, periodic control mechanisms, and strict adherence to anti-money laundering and consumer protection standards. It further grants the CSBF authority to suspend or exclude non-compliant agents while imposing specific regulatory sanctions on the appointing institutions.
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