Regulatory Alerts2022-06-13
Directive on Disclosure Requirements for Advanced Payment Services
The Supervisor of Banks issued Proper Conduct of Banking Business Directive no. 427 to regulate disclosure standards for payment transactions executed via payment applications. The directive mandates that banking corporations disclose specific transaction data, including participant names, amounts, and purposes, to both payers and beneficiaries through regular account reports. These requirements apply to all payment applications regardless of operator and take effect on January 1, 2023, ensuring real-time transparency for customers.
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