Regulations and Data Protection

Customer due diligence

YabandPay is legally required to conduct customer due diligence (CDD) under applicable laws and regulations. During onboarding, you need to provide company, ownership, identity and bank account information.

Relevant legislation and regulatory guidance include:

• Payment Services Directive (PSD2): Directive (EU) 2015/2366 and the rules issued under it.
• Dutch Financial Supervision Act (Wft): Wet op het financieel toezicht, covering the Dutch financial sector and payment service providers.
• Prudential Rules Decree under the Wft (Bpr): Besluit prudentiële regels Wft.
• Decree on Conduct of Business Supervision of Financial Undertakings under the Wft (Bgfo): Besluit Gedragstoezicht financiële ondernemingen Wft.
• Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft): Wet ter voorkoming van witwassen en financieren van terrorisme.
• Sanctions Act 1977 (Sw): Sanctiewet 1977, requiring financial and other relevant institutions to comply with international, EU and national sanctions.
• Regulatory guidance and policy rules: guidance and policy rules published by De Nederlandsche Bank (DNB) and other supervisory authorities on the interpretation of applicable legislation.

Privacy and personal data protection

YabandPay is a payment institution licensed by the Dutch Central Bank. It takes data protection, particularly the protection of personal information, seriously and has established a Privacy and Data Protection Policy.

YabandPay must comply with:

• The General Data Protection Regulation (AVG / GDPR).
• The Dutch GDPR Implementation Act (UAVG): Uitvoeringswet Algemene verordening gegevensbescherming.

The GDPR provides a legal framework for protecting personal data and privacy in the EU. It applies to companies established in the EU that collect and process personal data, as well as companies that need to collect and process EU residents’ personal information when providing services. These requirements also apply to YabandPay.

YabandPay has established rules for identifying, collecting, processing and protecting personal data. YabandPay and all its employees must comply with these policies; violations are subject to disciplinary action.

Read the Privacy and Data Protection Policy ↗

Next steps

Create an account and prepare your application documents using the information checklist. For requirements concerning ultimate beneficial owners and authorized signatories, see Stakeholders and Ownership.