Regulatory Alerts2024-09-01
Regulation No. 002 of 2024 on Payment Services and Payment Institution Activities
The financial regulator issued Regulation No. 002 of 2024 to establish comprehensive requirements for payment services and the operational activities of payment institutions, mandating licensing, capital adequacy, and consumer protection standards. The framework requires all licensed payment institutions to maintain minimum capital reserves, implement robust risk management protocols, and submit periodic regulatory reports. Updated provisions also streamline cross-border payment operations and clarify liability distributions for electronic fund transfers.
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