Regulatory Alerts2017-06-26
Added · Updated
Exemption from the authorisation requirement for electronic money institutions
Small electronic money institutions operating in the Netherlands may apply for exemption from the standard authorisation requirement by registering with De Nederlandsche Bank (DNB). To qualify, enterprises must ensure that no more than EUR 150 is stored per payment instrument, total outstanding liabilities do not exceed EUR 5,000,000, and they do not issue electronic money through agents. Successful registration requires submitting evidence of compliance with these conditions, including safeguarding customer funds and demonstrating that key individuals have no relevant negative antecedents. Exempt institutions remain subject to market conduct supervision by the AFM and anti-money laundering obligations under the Wwft.
Topics
licensing
safeguarding
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