The principal business of a Payment Service Provider shall be the provision of the Retail Payment Service(s) for which it has been granted a License.
Where a Payment Service Provider intends to provide ancillary service(s) falling outside the scope of its License, it shall obtain the approval of the Central Bank prior to commencing the provision of such service(s).
The Central Bank requires prior approval for the provision of any ancillary service(s) by a Payment Service Provider, and may require a Payment Service Provider that intends to provide ancillary service(s), to create a separate entity for the provision of such services, if it believes that the conduct of the ancillary activities may have a negative impact on the Payment Service Provider’s ability to comply with the requirements of this Regulation and Level 2 Acts.