What authorisation requirements are payment institutions required to fulfil?
Payment institutions are required to fulfil a variety of qualitative and quantitative requirements. Qualitative requirements include, but are not limited to, sound administrative, risk management and accounting procedures, proper internal control mechanisms, directors and managers that are of good repute and possess appropriate knowledge and experience, as well as shareholders that are suitable taking into account the need to ensure the sound and prudent management of a payment institution. Quantitative capital requirements to ensure financial stability. These include initial and ongoing capital requirements appropriate to the low level of risk of payment institutions.
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