Regulatory Alerts2024-09-01
Circular No. 003 on the Approval of Administrators and Senior Management of Payment Institutions
The financial regulator issues Circular No. 003 to establish mandatory approval criteria for administrators and senior executives of licensed payment institutions. The circular mandates background checks, proof of professional competence, and continuous fitness assessments to ensure operational soundness. Payment institutions must submit updated governance documentation within ninety days of issuance to maintain compliance and avoid regulatory sanctions.
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