Use of agents

(1) Where a payment service provider intends to provide a payment service to a consumer through an agent, the payment service provider shall seek the prior authorisation of the Central Bank by making an application under sub-section (2) to the Central Bank, which shall contain the following information– (a) the name and address of the agent; CAP. 104. (b) a description of the internal control mechanisms that will be used by the agent in order to comply with its obligations pursuant to the Money Laundering and Terrorism (Prevention) Act; (c) the identity of the directors and persons responsible for the management of the agent to be used in the provision of the services and 33 evidence that they are fit and proper persons; and (d) any other information that the Central Bank may require. (2) An application for authorisation of an agent under this section shall be submitted by a payment service provider in writing, in the form and manner prescribed by Central Bank, together with the applicable prescribed fees. (3) An authorisation granted under this section shall be subject to the conditions the Central Bank considers necessary and the Central Bank may, for the purposes of this Act, amend any condition of an authorisation by way of alteration, substitution, addition, omission or other modification. (4) The Central Bank may, if it considers that the information provided is incorrect, take further action to verify the information and if, after taking action to verify the information, the Central Bank is not satisfied that the information provided pursuant to sub-section (1) is correct, the Central Bank shall refuse to authorise the use of an agent. (5) The Central Bank shall maintain a Register of agents which shall be available to the public. (6) A person shall not carry out any activity as an agent of a payment service provider prior to being authorised by the Central Bank for that purpose in accordance with this section. (7) A payment service provider shall ensure that its agent informs consumers that it is acting as an agent of that payment service provider.