Regulatory Alerts2019-02-11
Added · Updated
Q&A on Payment Service Provision and Payment Transactions Which Are Not Self-Contained
The document clarifies that executing payment transactions on behalf of customers does not constitute operating as a payment service provider if the activity is not a separately identifiable activity distinct from other business functions. It explicitly exempts civil-law notaries, bailiffs, specific attorney-at-law customer accounts foundations, and tax representatives from this classification when holding funds under specific statutory conditions. These entities are therefore not required to comply with payment service provider regulations under Section 1:1 of the Wft for these specific activities.