Regulatory Alerts2020-01-07 | CIEX N° 3/2020Added · Updated
CIEX No. 3/2020: Minimum Operational Security Requirements for Electronic Payment Instruments
The Central Bank of Bolivia establishes minimum operational security requirements for electronic fund transfer orders, electronic cards, and mobile wallets, requiring financial entities, payment service companies, ACCL S.A., and EDV S.A. to implement robust authentication mechanisms, including dual-factor authentication for specific transactions. The regulation mandates the use of encrypted communication channels, standard encryption algorithms, and specific data handling protocols, while repealing previous circulars SGDB No. 046/2017 and SGDB No. 011/2018. It sets specific operational limits, such as a Bs150 PIN exemption for contactless transactions and a Bs20 exemption for mobile wallet top-ups, and assigns liability for magnetic stripe transactions based on terminal and issuer capabilities.