Regulatory Alerts2013-06-07 | Regulations No. 1 of 2013Payment Cards and Mobile Payment Systems Regulations No. 1 of 2013
The President of Sri Lanka issued these regulations under the Payment and Settlement Systems Act to designate the Central Bank of Sri Lanka as the exclusive regulatory authority for payment cards and mobile payment systems. The rules establish a mandatory licensing framework requiring eligible financial institutions and telecom operators to obtain Central Bank approval before engaging in service provider activities. The Central Bank retains broad powers to supervise licensed entities, enforce compliance through on-site and off-site examinations, and cancel or suspend licenses for violations or insolvency.
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