Regulatory Alerts2020-07-08 | NBB_2020_27Added · Updated
Prudential status of payment institutions and electronic money institutions
This circular outlines the prudential requirements for payment institutions and electronic money institutions by specifying which National Bank of Belgium circulars apply to them, with or without modifications. It replaces previous circulars from 2015 and mandates compliance with existing rules on fit and proper standards, appropriate organization, outsourcing, business continuity, and incident reporting. Specific deadlines are set for compliance with outsourcing guidelines, requiring adherence by 31 December 2021 for existing agreements. The document also details obligations regarding professional indemnity insurance, authorization procedures, and operational security measures.
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