Regulatory Alerts2024-12-03 | Circular No. 2 of 2024Strengthening Customer Identification Process for Mobile Payment Applications Linked to Bank Accounts
The Central Bank of Sri Lanka issued Circular No. 2 of 2024 to mandate enhanced customer identification procedures for Mobile Payment Application Providers (MPAPs) and Transaction Acquirers. The directive requires strict verification of user identity documents and confirmation that the mobile number linked to the app matches the bank account holder's registered number before allowing transactions or linking accounts. Compliance with these security measures is mandatory for all new and existing users by 31 March 2025, with Transaction Acquirers responsible for ensuring adherence and reporting status to the regulator.
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