Provides financial services, in Guinea-Bissau

Instruction n°008-05-2015 de la BCEAO sur la monnaie électronique, art. 7 · Read the law's page

• This binds an electronic money issuer in the member states of the West African Monetary Union (UMOA): a bank, a payment financial institution, a decentralised financial system or an electronic money institution that issues electronic money (Articles 2 and 3), reached by declaring that you are a bank or a payment provider.
• Make every electronic money issuing solution meet requirements for high availability of the platform, integrity of messages, confidentiality of information, authenticity of transactions and non-repudiation of transactions (Article 7).
• Put in place a proven arrangement for the continuity of your operations and a risk management strategy that defines the policy, practices and procedures for the risks inherent in the system (Article 7).
• Keep an audit trail that traces each operation from the payment order to its settlement, and keep that traceability for ten years from the date of the operation (Article 7).
• Have your compliance with these requirements attested by a qualified, approved and experienced external body at least once every three years, with the audit extended to your technical partner operator where there is one (Article 7).
• When you outsource your technical arrangement, make sure the technical provider meets these requirements, keep the means to control its activity, send the BCEAO a copy of the agreement with the provider, and remain responsible for the outsourced arrangement's compliance (Article 7).