Regulatory Alerts2018-01-18 | Direction No. 01/2018Direction on Acquiring Payment Card based Electronic Commerce Transactions through Service Providers
The Central Bank of Sri Lanka issued Direction No. 01/2018 to regulate Licensed Financial Acquirers engaging third-party Service Providers for online payment card transactions. The directive mandates strict due diligence, contractual clarity, and data confidentiality while requiring dedicated settlement accounts and final merchant payments within three business days. Compliance further necessitates prior Central Bank approval for agreements, quarterly operational assessment reports, and adherence to established dispute resolution mechanisms.
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