Where a Licensee intends to perform Payment Token Services through an Agent, it must conduct an assessment of such arrangement and provide a report to the Central Bank of the following:
a)
name and address of each Agent;
b)
assessment of the adequacy of the internal control mechanisms that will be used by the Agent in order to comply with the requirements of Article (33) and any CBUAE Regulations produced under it;
c)
assessment of the Persons responsible for the management of the Agent, and evidence that they fulfil any fit and proper requirements specified by the Central Bank;
d)
the scope of Payment Token Services for which the Agent is mandated; and
e)
evidence of the Licensed Payment Token Service Provider’s adherence, in its contractual arrangements with the Agent, to Article (20).
2.
The Central Bank shall assess the suitability of a proposed Agent and Agent arrangements based on the report submitted under Article (19)1, and may require the Licensee to supply additional information for its assessment.
a)
Following its assessment, the Central Bank shall make a decision whether to approve or decline to approve the Agent.
b)
The Licensee shall not engage an Agent to perform Payment Token Services before having received such approval.
3.
Licensees shall contractually ensure that Agents acting on their behalf disclose this fact to Customers.
4.
Licensees shall:
a)
immediately notify the Central Bank of any change regarding their use of Agents; and
b)
on an annual basis conduct an additional assessment and provide an additional report to the Central Bank of the matters listed in Article (19)1.
5.
The Central Bank may suspend, withdraw or revoke its approval of an Agent. Where the approval of an Agent is suspended, withdrawn or revoked, the Licensee must ensure that the Agent immediately ceases to perform Payment Token Services on the Licensee’s behalf.
6.
Licensees shall be responsible for ensuring and maintaining appropriate training and qualifications for their Agents.
7.
A Payment Token Service performed by an Agent shall be treated as performed by its principal Licensees.