Regulatory Alerts2021-03-01 | CIEX N° 8/2021Added · Updated
CIEX No. 8/2021: Minimum Operational Security Requirements for Electronic Payment Instruments
The Central Bank of Bolivia updates the Minimum Operational Security Requirements for Electronic Payment Instruments, replacing Circular Externa CIEX No. 03/2020. The regulation mandates robust authentication mechanisms, including two-factor authentication for fund transfers and mobile wallets, and specifies security standards for electronic cards such as chip usage and contactless transaction limits. It establishes specific monetary thresholds for PIN exemptions, setting a maximum of Bs150 for contactless card transactions and Bs20 for mobile wallet balance purchases. The document also imposes obligations on issuers and payment service companies regarding data protection, fraud prevention monitoring, and user information campaigns.