Page 18 - GSMA_Congo_Case_Study_ARTWORK
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ENABLING MOBILE MONEY POLICIES IN THE DEMOCRATIC REPUBLIC OF CONGO
if such person:
1. has been convicted of an oence under this Law or foreign exchange regulations;
2. has been declared bankrupt and has not been rehabilitated, even when the bankruptcy took place in another country;
3. has been convicted in the Democratic Republic of Congo or elsewhere of being the author or accomplice or attempting one of
the following oences:
• c o u n t e r f e i t i n g
• f o r g e r y or falsiication of any bank notes, public notes, stocks, bonds, or interest vouchers;
• f o r g e r y or falsiication of any seals, stamps, punches, or marks;
• f r a u d and forgery of documents;
• c o r r u p t i o n of public oicials or peculation;
• t h e f t , extortion, embezzlement or breach of trust, fraud, or possession of stolen goods;
• bankruptcy or illicit circulation of bills of exchange;
• i s s u a n c e of cheques with insuicient funds; or
• m o n e y laundering and inancing terrorism;
4. has been convicted of a common law crime or an oence the Law deems to constitute one of the aforementioned oences;
5. has been involved in the administration, direction, or management of a Credit Institution that was ordered to be liquidated or
declared bankrupt.
When the decision justifying any prohibition listed in this Article is subsequently reported or cancelled in last recourse, the said
prohibition shall cease automatically.
Article 9:
Approval is granted by a decision of the Central Bank within ninety (90) days of the day it receives the completed application, or, where
applicable, any additional information.
The approval is documented by adding the institution to the list of Electronic Money Institutions maintained by the Central Bank.
Article 10:
Any institution that is not approved by the Central Bank shall not perform electronic money issuance activities.
No one shall, as part of their usual activity, engage in the business of issuing electronic money under the title “electronic money
institution” or any other similar title or any equivalent in another language if such person does not meet the requirements set out in
Title II, Chapter 1 under Access Requirements.
Article 11:
The aforementioned provisions in Chapter 1 related to access requirements shall apply solely to electronic money institutions as defined
in Article 1, Point 5 of this Directive.
Article 12:
The issuance of electronic money by the Institutions designated in Article 3, paragraph 1 of this Directive is subject to prior
authorisation by the Central Bank.
Electronic money distributors are not subject to the authorisation procedure, but to the information procedure instead, in accordance
with the requirements set forth by the Central Bank.
Any person subjected to this Directive shall comply at all times with the prior authorisation and approval requirements.
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if such person:
1. has been convicted of an oence under this Law or foreign exchange regulations;
2. has been declared bankrupt and has not been rehabilitated, even when the bankruptcy took place in another country;
3. has been convicted in the Democratic Republic of Congo or elsewhere of being the author or accomplice or attempting one of
the following oences:
• c o u n t e r f e i t i n g
• f o r g e r y or falsiication of any bank notes, public notes, stocks, bonds, or interest vouchers;
• f o r g e r y or falsiication of any seals, stamps, punches, or marks;
• f r a u d and forgery of documents;
• c o r r u p t i o n of public oicials or peculation;
• t h e f t , extortion, embezzlement or breach of trust, fraud, or possession of stolen goods;
• bankruptcy or illicit circulation of bills of exchange;
• i s s u a n c e of cheques with insuicient funds; or
• m o n e y laundering and inancing terrorism;
4. has been convicted of a common law crime or an oence the Law deems to constitute one of the aforementioned oences;
5. has been involved in the administration, direction, or management of a Credit Institution that was ordered to be liquidated or
declared bankrupt.
When the decision justifying any prohibition listed in this Article is subsequently reported or cancelled in last recourse, the said
prohibition shall cease automatically.
Article 9:
Approval is granted by a decision of the Central Bank within ninety (90) days of the day it receives the completed application, or, where
applicable, any additional information.
The approval is documented by adding the institution to the list of Electronic Money Institutions maintained by the Central Bank.
Article 10:
Any institution that is not approved by the Central Bank shall not perform electronic money issuance activities.
No one shall, as part of their usual activity, engage in the business of issuing electronic money under the title “electronic money
institution” or any other similar title or any equivalent in another language if such person does not meet the requirements set out in
Title II, Chapter 1 under Access Requirements.
Article 11:
The aforementioned provisions in Chapter 1 related to access requirements shall apply solely to electronic money institutions as defined
in Article 1, Point 5 of this Directive.
Article 12:
The issuance of electronic money by the Institutions designated in Article 3, paragraph 1 of this Directive is subject to prior
authorisation by the Central Bank.
Electronic money distributors are not subject to the authorisation procedure, but to the information procedure instead, in accordance
with the requirements set forth by the Central Bank.
Any person subjected to this Directive shall comply at all times with the prior authorisation and approval requirements.
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