Payment Service Provider Facilitates Cross-Border Fund Transfers
A new payment service provider has been established in Skopje, North Macedonia to enable seamless fund transfers between payers and recipients, regardless of whether they are affiliated with each other or not.
Virtual Asset Transfer Services
The provider offers a virtual asset transfer service that allows clients to perform electronic transactions on behalf of themselves or others. This means individuals or businesses can make payments to other parties without the need for physical cash exchange or traditional banking systems.
Compliance with Anti-Money Laundering and Anti-Terrorism Financing Regulations
According to Article 42 of the Law on the Prevention of Money Laundering and Financing of Terrorism, “Virtual Asset Transfer” refers to any electronic transaction performed by a client through a Virtual Asset Service Provider to make virtual assets available to another party. The payment service provider is responsible for ensuring that all transactions comply with anti-money laundering (AML) and anti-terrorism financing (ATF) regulations.
Responsibilities and Obligations
The provider must:
- Conduct regular risk assessments
- Monitor suspicious transactions
- Report any suspicious activities to relevant authorities
- Maintain accurate records of all transactions and make them available to regulatory bodies upon request
These measures are designed to ensure the transparency, security, and efficiency of the service.
Efforts towards Financial Inclusion and Risk Reduction
The establishment of this payment service provider is part of North Macedonia’s efforts to promote financial inclusion and reduce the risk of money laundering and terrorism financing in the country. By providing a secure and efficient way to transfer funds across borders, the provider aims to improve the overall financial landscape in the region.
Key Takeaways
- The payment service provider offers virtual asset transfer services for electronic transactions
- Transactions must comply with anti-money laundering and anti-terrorism financing regulations
- The provider is responsible for ensuring compliance and maintaining accurate records of all transactions