Regulatory Alerts2012-03-22
Supervisor of Banks Directive on Payment Cards
The Supervisor of Banks issued Directive 14 to regulate the activities of credit card companies and banking corporations regarding the operation of the payment card system. The directive mandates strict procedures for card issuance, delivery, and termination, while requiring detailed disclosure of transaction data, fees, and credit facilities to customers. It also enforces EMV smart card standards for transactions and establishes specific rules for fund transfers between issuing banks and processors.
Share