Regulatory Alerts2020-10-06 | CD-SIBOIF-1207-1-OCT06-2020Derogation of the Norm Regulating Electronic Money Operations by Financial Institutions and the Norm for Authorization and Operation of Entities Operating with Electronic Money
The Board of Directors of the Superintendence of Banks and Other Financial Institutions (SIBOIF) issued Resolution CD-SIBOIF-1207-1-OCT06-2020 to formally repeal two previous regulations governing electronic money operations by financial institutions and the authorization of electronic money entities. This action aligns with the Central Bank of Nicaragua's new regulatory framework for fintech payment service providers, which centralizes the licensing and supervision of electronic money services under the BCN. The repeal takes effect 180 days after the resolution's publication in the Official Gazette, La Gaceta.
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