The Central Bank has implemented amendments and addenda to the licensing procedures for payment system operators and payment organizations. Under the new regulations, disclosing information regarding beneficial owners is now a mandatory requirement during the licensing process.
The relevant decision by the Board of the Central Bank has been officially registered with the Ministry of Justice. This document introduces several changes to the Regulation on Licensing the Activities of Payment System Operators and Payment Organizations.
Specifically, the term "beneficial owner" has been integrated into the regulation, defined as the ultimate physical individual who owns or controls the payment system operator or payment organization.
Additionally, the scope of information required during the licensing process has been expanded. Organizations must now disclose details about their beneficial owners, alongside existing requirements for founders and shareholders.
These regulatory updates aim to boost transparency in the payment services sector, clarify ownership structures, and strengthen oversight mechanisms within the industry.
The decision will come into force three months after its official publication.
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