Responsibility for payment services provided through agents or for activities of electronic money distributors rests with the licensed institution itself, i.e. with the EMI or PI on behalf of which the engaged entity acts. An institution engaging agents or electronic money distributors must therefore be fully aware of the risks assumed, comprehensively assess the risks and provide for effective measures to manage different types of risk. The legal and reputational consequences of agents’ acting without complying with legislative requirements are to be borne by the EMI or PI itself.
