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ENABLING MOBILE MONEY POLICIES IN THE DEMOCRATIC REPUBLIC OF CONGO
CHAPTER III: REDEEMABILITY OF ELECTRONIC MONEY
Article 21:
Electronic money institutions shall issue electronic money at nominal value in exchange for the deposit of funds. Any electronic money
holder may, during the validity period of the electronic instrument, demand the reimbursement of the electronic money at nominal
value from the issuer, in accordance with the terms of the agreement binding them.
The agreement signed between the issuer and the holder shall clearly establish the redemption terms of unused electronic money,
including any related potential fees, to be notified to the electronic money holder prior to being bound by a contract or an oer.
Article 22:
Within three (3) months of being notiied of the withdrawal of its approval by the Central Bank in cases provided for by the Banking
Act, the electronic money issuer is required to reimburse, at no cost to any electronic money holder, any unused electronic money held
by the holder. The institution shall inform holders of the withdrawal of its licence using methods appropriate to its customers.
At the end of this period, the Issuing Institution must transfer any unclaimed funds received in exchange of electronic money and
intended for unreimbursed Holders and communicated by the issuer, to the Central Bank.
Article 23:
Expected reimbursements shall be made in cash, by cheque, or money transfer to an account, as requested by the Holder.
Article 24:
The reimbursement can only be subject to fees if the agreement provides for such fees in accordance with Article 21, provided that at
least one of the following conditions applies:
• The reimbursement is requested prior to the termination of the agreement;
• The reimbursement is requested more than six (6) months after the agreement termination date; or
• The electronic money holder terminated the agreement prior to its expiration date.
The fee amount shall be proportionate and in relation to the actual costs incurred by the electronic money issuer.
CHAPTER IV: INTERNAL CONTROLS AND AML/CFT
Article 25:
Electronic money can only be incorporated in instruments that allow the Holder to be identified.
Article 26:
Electronic money institutions shall ensure that electronic money cash-ins and cash-outs can be traced for ten (10) years, and keep such
records on hand for the Central Bank as needed. They must ensure that they have sucient means to trace transactions in the event of
a safety breach of all or part of their information system.
When the electronic media includes at least two (2) applications (including banking-type applications for top-ups, online payments,
or money transfers) and allows the electronic money holder to make separate transactions, the Issuer shall ensure that all transactions
can be traced.
Electronic money distributors shall provide any necessary assistance to the Issuing Institutions to ensure such traceability.
Article 27:
Electronic money issuers shall implement an automated monitoring system of unusual transactions made with electronic money.
The issuing institution shall make arrangements to ensure that distributors and other agents apply specified safety and due
diligence standards.
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CHAPTER III: REDEEMABILITY OF ELECTRONIC MONEY
Article 21:
Electronic money institutions shall issue electronic money at nominal value in exchange for the deposit of funds. Any electronic money
holder may, during the validity period of the electronic instrument, demand the reimbursement of the electronic money at nominal
value from the issuer, in accordance with the terms of the agreement binding them.
The agreement signed between the issuer and the holder shall clearly establish the redemption terms of unused electronic money,
including any related potential fees, to be notified to the electronic money holder prior to being bound by a contract or an oer.
Article 22:
Within three (3) months of being notiied of the withdrawal of its approval by the Central Bank in cases provided for by the Banking
Act, the electronic money issuer is required to reimburse, at no cost to any electronic money holder, any unused electronic money held
by the holder. The institution shall inform holders of the withdrawal of its licence using methods appropriate to its customers.
At the end of this period, the Issuing Institution must transfer any unclaimed funds received in exchange of electronic money and
intended for unreimbursed Holders and communicated by the issuer, to the Central Bank.
Article 23:
Expected reimbursements shall be made in cash, by cheque, or money transfer to an account, as requested by the Holder.
Article 24:
The reimbursement can only be subject to fees if the agreement provides for such fees in accordance with Article 21, provided that at
least one of the following conditions applies:
• The reimbursement is requested prior to the termination of the agreement;
• The reimbursement is requested more than six (6) months after the agreement termination date; or
• The electronic money holder terminated the agreement prior to its expiration date.
The fee amount shall be proportionate and in relation to the actual costs incurred by the electronic money issuer.
CHAPTER IV: INTERNAL CONTROLS AND AML/CFT
Article 25:
Electronic money can only be incorporated in instruments that allow the Holder to be identified.
Article 26:
Electronic money institutions shall ensure that electronic money cash-ins and cash-outs can be traced for ten (10) years, and keep such
records on hand for the Central Bank as needed. They must ensure that they have sucient means to trace transactions in the event of
a safety breach of all or part of their information system.
When the electronic media includes at least two (2) applications (including banking-type applications for top-ups, online payments,
or money transfers) and allows the electronic money holder to make separate transactions, the Issuer shall ensure that all transactions
can be traced.
Electronic money distributors shall provide any necessary assistance to the Issuing Institutions to ensure such traceability.
Article 27:
Electronic money issuers shall implement an automated monitoring system of unusual transactions made with electronic money.
The issuing institution shall make arrangements to ensure that distributors and other agents apply specified safety and due
diligence standards.
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