BNP Paribas is launching a new service to help e-commerce sites and online marketplaces comply with European Union and French regulations. The compliance service addresses online marketplaces’ role in collecting transactions on behalf of their retailers. BNP Paribas Cash Management is offering the service to provide credit institution agency status to online marketplaces. The service essentially enables online marketplaces to benefit from the BNP Paribas banking license. Online marketplaces that sign up for the service will have their funds protected by BNP Paribas. The service allows marketplaces to be in compliance with the EU directive and with regulations issues by the ACPR, the French Prudential Supervision and Resolution Authority. BNP Paribas will also offer online marketplaces anti-money laundering services, including assistance in complying with KYC regulations.
