Regulations Concerning the Licensing and Operations of Electronic Payment Services in Liberia 21.2 All commercial switching companies in Liberia shall ensure full and secure connection to the National Electronic Payment Switch, and all transactions (card or non-card) that the switch is licensed to process shall be routed through the NEPS to a licensed switch (Issuing Switch) for the purpose of processing such transaction. 22.0 ELECTRONIC PAYMENT CHANNELS 22.1 Proper service level agreement must be put in place for all third-party service arrangements and at a minimum define the rights, expectations and responsibilities of both parties. 22.2 The electronic payment channels shall provide an accurate and fully accessible audit trail of transactions from the origin of the payment instruction to its finality; 22.3 The electronic payment channels have the potential of providing services to a wider country outreach; IV. OVERSIGHT 23.0 CBL POWERS 23.1 The Central Bank of Liberia shall have the right to do the following to all e-payment service providers: a. b. c. d. e. f. Access information in the possession or custody of all e-payment service providers; Deploy/facilitate the deployment of an ICT solution for visibility as pertains to real-time data collection, decision support, and realtime reporting; Inspect and monitor the premises of all e-payment service providers; Carry on on-site or off-site examination by requesting any information relating to e-payments; Request for frequent risk assessment of e-products and inspection of technology systems and security; Require all e-payment service providers to put in place remedial measures after examination or inspection that the Central Bank may deem necessary. 24.0 REPORTING 24.1 All e-payment service providers are required to submit separate monthly and quarterly returns on their electronic activities to the Central Bank of Liberia as prescribed in the appendices below. 24.2 Cases of frauds and forgeries relating to electronic payments should be highlighted in the returns on frauds and forgeries. 16