Regulations Concerning the Licensing and Operations of Electronic Payment Services in Liberia PART II. 6.0 REGULATORY REQUIREMENTS FOR PAYMENT SERVICE PROVIDERS MINIMUM REQUIREMENTS FOR PROVIDING PAYMENT SERVICES a. All bank and non-bank financial institutions wishing to engage in electronic payment service(s) shall seek approval from the CBL. b. All bank and non-bank financial institutions shall adhere to the CBL Directive Concerning the Introduction of Financial Products and Services CBL/ SD/001/2009. c. All bank and non-bank financial institutions shall ensure that dispute resolution/consumer protection systems have been established. d. All bank and non-bank financial institutions have a designated unit for e-payment services at its head office and branches; e. Bank and non-bank financial institutions wishing to provide and/or enhance their existing electronic payment services shall describe in their application, the services to be offered and how it fits into their overall strategy. This shall be accompanied with the following minimum preconditions: i. An adequate risk management process shall be in place to assess, control, monitor and respond to potential risks arising from the proposed electronic payment activities [services]; ii. A report from a recognized Information Communication & Technology (ICT) certification agency, confirming that corporate security policy and procedures that address all security issues affecting its electronic payments system, particularly the following, exist:      Authentication Non-repudiation Authorization Integrity Confidentiality f. A Backup or redundant platform exits or a minimum period for service restoration is articulated in its operational procedures or SLA. g. Ensure that the bank or non-bank’s overall financial conditions can adequately support its electronic payment activities and that it meets the prudential requirements such as, but not limited to, the following: i. Minimum capital adequacy ratio 7