Regulatory Alerts2016-02-22 | SGDB N°005/2016Added · Updated
SGDB N°005/2016: Minimum Operational Security Requirements for Electronic Payment Instruments
The Central Bank of Bolivia mandates updated minimum operational security requirements for electronic payment instruments, including payment orders, mobile wallets, and electronic cards, which supersede Circular Externa SGDB N° 016/2012. Financial entities, payment service companies, and related issuers must implement robust authentication mechanisms such as two-factor authentication, enforce SSL/TLS encryption, and adhere to specific data protection and transaction processing standards. The regulation establishes detailed obligations for identity verification, data retention, and liability allocation for disputes involving magnetic stripe versus chip-based transactions.