Last year, the National Bank of Belgium (NBB) released a Circular (available in French here and in Dutch here – the Circular) in which it clarified certain safeguarding requirements for payment institutions (PIs) and e-money institutions (EMIs).
Both institutions are expected to comply with these requirements since the beginning of 2023 (more precisely, the NBB gave them until Saturday 31 December 2022).
The NBB Circular covers three topics related to safeguarding:
We address each topic in turn, including relevant Q&As from the European Banking Authority (EBA) on the same topics.
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