Regulatory Alerts2020-08-19 | NASF-07Added · Updated
Technical Standards for the Start of Operations and Functioning of Electronic Money Providers
The Committee of Standards of the Central Bank of Reserve of El Salvador issued NBCR-13/2020 to regulate the authorization and operational requirements for Electronic Money Provider Societies, banks, cooperative banks, and savings and credit societies. The document mandates specific documentation, including operational business models, risk management policies, and information security plans, for entities seeking to commence operations. It establishes distinct regulatory frameworks for end-user and participant electronic money registries, allowing for different transaction and balance limits for participants. The standards became valid on September 7, 2020, following approval on August 19, 2020.
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