Section 10: Agency agreement

(1) A financial institution approved to conduct agent banking shall enter into a written agreement with each agent before the agent conducts business on behalf of the financial institution. (2) A person shall not offer financial services on behalf of a financial institution without a valid agency agreement. (3) An agency agreement under subregulation (1), shall - (a) specify the liability of any acts or omissions of the agent to the extent of the agent's express or implied authority, to be born by the financial institution; (b) set out the services to be provided by the agent; (c) set out the activities the agent is prohibited from engaging in; (d) provide for the remuneration arrangement; (e) set out the anti-money laundering and countering the financing of terrorism arrangements including a requirement for an agent to rep o rt suspicious transactions to the financial institution; (f) provide the responsibilities and liabilities of the agent and the financial institution; (g) require that all information or data the agent collects in relation to agent banking is property of the financial institution and subject to data protection requirements; (h) provide for the power of the Central Bank to access any information, systems and premises related to the agent; (i) set out transaction limits of the agent; (j) specify the terms and conditions of termination of the agent agreement; (k) provide that the Central Bank can direct the termination of the agreement as it deems appropriate; (l) set out transitional clause on rights and obligations of the financial institution- and the agent upon termination or cessation of the agency agreement; (m) specify that employees of the agent shall not be treated as employees of the financial institution.