Regulatory Alerts2024-09-01
Circular No. 002 of 2024 on Payment Aggregation Institutions
The financial regulator issued Circular No. 002 of 2024 to establish comprehensive regulatory requirements for payment aggregation institutions operating within its jurisdiction. The directive mandates formal authorization, strict capital adequacy standards, and robust operational frameworks for entities providing payment aggregation services. It further outlines ongoing compliance obligations, reporting procedures, and supervisory powers to ensure market stability and consumer protection.
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