Governance arrangements require Payment Service Providers to document oversight, controls, accountability, user disclosures, and obtain permission for non-payment activities.

Payment Service Providers must document governance arrangements covering Board and senior management functions, reporting lines, ownership, internal governance, risk management, internal controls, appointment procedures, and performance accountability. Activities beyond Payment Services require prior permission and specified conditions. Providers must formulate clear service rules and procedures and provide users sufficient information to understand applicable risks, fees, and other material costs.

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