Regulatory Alerts2011-03-09 | Mobile Payments Guidelines No. 2 of 2011Custodian Account Based Mobile Payment Services Guidelines
The Central Bank of Sri Lanka issued these guidelines to regulate licensed service providers operating custodian account based mobile payment systems, requiring them to maintain custodian accounts at Licensed Commercial Banks. The document mandates strict adherence to Know Your Customer and Anti-Money Laundering procedures, real-time transaction notifications, and the separation of e-money funds from mobile network operator accounts. It further establishes comprehensive operational standards, including technology security requirements, customer protection measures, dispute resolution mechanisms, and specific responsibilities for both service providers and custodian banks to ensure financial stability and consumer safety.
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