Regulatory Alerts2022-06-28 | CIEX N° 26/2022Added · Updated
CIEX No. 26/2022: Minimum Operational Security Requirements for Electronic Payment Instruments
The Central Bank of Bolivia mandates updated minimum operational security requirements for electronic fund transfer orders, electronic payment channels, electronic cards, and mobile wallets, replacing Circular Externa CIEX No. 08/2021. Financial entities must implement encrypted communication channels, robust multi-factor authentication, and specific data protection measures, including automatic session timeouts and restrictions on storing sensitive data. The regulation establishes liability frameworks for fraud based on security protocol compliance and sets a deadline of June 30, 2023, for replacing magnetic stripe-only cards with contactless-enabled chip cards.