Regulation 20 Separate entity

Where a payment institution provides any of the payment services referred to in paragraphs 1 to 7 of the Schedule and, at the same time, is engaged in other business activities, the Bank may require the establishment of a separate entity for the payment services business, where the non-payment services activities of the payment institution impair or are likely to impair either the financial soundness of the payment institution or the ability of the Bank to monitor the payment institution’s compliance with these Regulations.