Regulations Concerning the Licensing and Operations of Electronic Payment Services in Liberia
Contents
PART I
PRELIMINARY ............................................................................................................................... 4
1.0
INTRODUCTION ................................................................................................................................... 4
2.0
SCOPE ........................................................................................................................................................ 4
3.0
TITLE .......................................................................................................................................................... 4
4.0
OBJECTIVES ........................................................................................................................................... 4
5.0
DEFINITION ........................................................................................................................................... 5
PART II.
REGULATORY REQUIREMENTS FOR PAYMENT SERVICE PROVIDERS ..... 7
6.0
MINIMUM REQUIREMENTS FOR PROVIDING PAYMENT SERVICES ...................... 7
7.0
MINIMUM REQUIREMENTS FOR OTHER ENTITIES WILLING TO PROVIDE
PAYMENT SERVICES .......................................................................................................................... 8
8.0
FEES AND ANNUAL OPERATING LEVY .................................................................................... 9
8.1
Capital Requirement…………………………………………………………………………………....9
9.0
INFORMATION TECHNOLOGY (IT) SYSTEMS, SECURITY AND CONTROLS ..... 10
9.1
Information Systems and Cyber Security .......................................................................... 10
9.2
Backup, recovery & business continuity: ........................................................................... 11
10.0 OPERATIONAL REQUIREMENTS ............................................................................................... 11
11.0
OUTSOURCING ............................................................................................................................... 12
12.0
CLEARING & SETTLEMENT ....................................................................................................... 13
13.0
EXCLUSIVITY AGREEMENTS.................................................................................................... 13
14.0
FEES AND CHARGES .................................................................................................................... 13
15.0
MERGER & ACQUISITION ........................................................................................................ 13
16.0
RISK MANAGEMENT .................................................................................................................... 13
17.0
COMPLIANCE/AML/CFT ........................................................................................................... 14
18.0
CONSUMER PROTECTION ........................................................................................................ 14
19.0
DATA PROTECTION ..................................................................................................................... 15
PART III. THIRD-PARTY SERVICE PROVIDERS AND OPERATORS .................................. 15
2