Regulatory Alerts2005-09-09
Circular No. 2005-02 - Implementing Regulation of Pre-Authorized Debits (Direct Debit) of the Extended Public Administration
The Central Bank of San Marino issued Circular No. 2005-05 to implement the regulatory framework for pre-authorized debits used by the extended public administration, pursuant to Law No. 96 of June 29, 2005. The circular mandates the automation of message transmission between the Central Bank and all banks via the new 'Pre-Authorized Debits' application family on the Sammarinese Interbank Network (RIS). Banks are required to activate necessary procedural adjustments to ensure operational compliance with the regulation, which enters into force on October 3, 2005.
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