Regulatory Alerts2023-03-08
A circular dated March 8, 2023 regarding the rules regulating card coding services on electronic device applications
These rules aim to define the framework for banks and all parties involved in the infrastructure for providing tokenization services for electronic payment cards to allow maximum flexibility and security and provide appropriate banking services to all segments of society, with the aim of promoting the use of electronic payment methods and achieving financial inclusion. The rules include the general definitions, scope of application, risk management, and the responsibilities and obligations of the board of directors and senior management. They also cover anti-money laundering and counter-terrorism financing, as well as the general rules for banks to provide tokenization services on electronic devices. The document also outlines the technical requirements, security measures, and the necessary licenses.