Regulatory Alerts2023-07-12
Circular 10/2017: Regulations and Instructions for Mobile Payment and Electronic Wallet Services
The Central Bank of Libya issued Circular 10/2017 to establish comprehensive regulations and operational instructions for mobile payment services and electronic wallets. The directive mandates strict technical, security, and compliance standards for service providers, agents, and settlement banks while defining clear transaction limits, customer registration procedures, and dispute resolution mechanisms. It further outlines the respective rights and responsibilities of all parties, enforces robust risk management and audit requirements, and restricts system access and wallet issuance to authorized personnel only.
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