Regulatory Alerts2023-09-22
Added · Updated
Compilation of Payment System Rules - Modifications in Book III
The Central Bank of Uruguay amends Book III of the Payment System Rules to regulate the digitalization of paper checks, establishing that digital images replace physical checks for collection purposes. Financial institutions may offer decentralized capture services optionally based on client risk profiles, requiring a six-month retention period for physical and digital documents and images. The resolution mandates specific technical standards for image quality, electronic signatures, and rejection certificates, while assigning custody responsibilities to banks or their clients under contractual agreements.
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