1. Regulatory Compliance

Adherence to Laws and Regulations

Payment Institutions must continuously comply with applicable laws and regulations, including anti-money laundering (AML) and counter-terrorism financing (CTF) requirements.

Reporting and Disclosure

They are required to submit regular reports to regulatory authorities, providing transparency and ensuring accountability.

2. Operational Integrity

Maintenance of Capital Requirements

Payment Institutions must maintain adequate capital to cover their operational risks and ensure financial stability.

Risk Management

They must implement robust risk management practices to identify, assess, and mitigate potential risks to their operations.

3. Consumer Protection

Transparency and Fair Practices

Payment Institutions are obligated to conduct their services with transparency, fairness, and in the best interests of their customers.

Handling Complaints and Disputes

They must have mechanisms in place to address customer complaints and resolve disputes efficiently and effectively.

4. Governance and Internal Controls

Strong Governance Structure

Payment Institutions must establish a strong governance structure, ensuring effective oversight, accountability, and decision-making.

Comprehensive Internal Controls

They need to implement comprehensive internal controls to safeguard their operations, assets, and customer funds.

5. Security Measures

Data Protection

Payment Institutions must prioritize data protection, ensuring the confidentiality, integrity, and availability of customer information.

Cybersecurity

They are required to implement robust cybersecurity measures to protect against digital threats and secure their systems and networks.