Regulatory Alerts2023-01-01
Board of Directors Resolution No. 61 of 2023
The Financial Regulatory Authority (FRA) issued Board Resolution No. 61 of 2023 to establish operational rules for consumer financing companies providing payment services using prepaid cards on behalf of banks. The resolution outlines the regulatory framework governing how these companies process prepaid card transactions and manage their agency relationships with banking institutions. It mandates compliance standards to ensure secure, standardized payment processing while expanding financial access through authorized consumer financing entities.
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