1. A credit institution shall only refuse to open or shall only close a payment account for a payment institution for its agents or distributors or for an applicant for a license as a payment institution in cases where it is justified on objective, non-discriminatory and proportionate grounds, in particular in the following cases:
(a) The credit institution has serious grounds to suspect defective money laundering or terrorism financing controls by the applicant or that illegal activities are being committed either by the applicant or its customers;
(b) there is or has been a material breach of contract committed by the applicant for an account;
(c) insufficient information and documents pertaining to matters set out in this paragraph have been received from the applicant for an account;
(d) the applicant for an account or its business model presents an excessive risk profile;
(ea) the competent authority has refused to grant or has withdrawn an authorisation as a payment institution.
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