Regulatory Alerts2024-07-19
Circular No. 1198: Regulatory Framework for Merchant Payment Acceptance Activities
The Bangko Sentral ng Pilipinas issued Circular No. 1198 to establish a comprehensive regulatory framework governing merchant payment acceptance activities (MPAA) under Resolution No. 806. The directive mandates that operators obtain a Merchant Acquisition License or register with the central bank, while adhering to strict governance, risk management, and capital requirements. It further imposes specific obligations regarding merchant due diligence, fund settlement timelines, pricing transparency, and detailed reportorial compliance to ensure end-user protection and financial system stability.
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