The National Banking and Insurance Commission (CNBS) has introduced significant changes to Articles 5 and 20 of the Minimum Guidelines for the Prevention of Unrecognized Transactions involving debit cards, credit cards, and financing products. These reforms aim to strengthen security and transparency in financial transactions.
Key Highlights of the Reform
1.Notification to Cardholders
- Financial institutions must notify cardholders in real time of any transaction made.
- Transactions equal to or below L.5,000 must be notified through at least one communication channel.
- Transactions above L.5,000 require notification through two distinct channels (e.g., email, SMS, apps, or phone calls).
- Non-monetary transactions, such as PIN changes or data updates, must also be notified using two communication channels.
2.Implementation Deadline
- Financial institutions have until March 31, 2025, to comply with the new guidelines.
- After this date, institutions will be held responsible for unrecognized transactions in case of non-compliance.
Impact on Financial Users
- Increased security and transparency in credit and debit card transactions.
- More effective responses to potential fraud or unrecognized transactions.
At BLP, we are ready to guide and support our clients in complying with this important regulation. Our team of experts is prepared to provide the necessary guidance and help financial institutions adapt to the new requirements.
📢 Contact us for more details and join us in this regulatory transformation process.
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