LiberiaCentral Bank of Liberia Mobile Money Regulations, 2014: Security Policies, Business Continuity and Security Audit
Mobile Money Regulations, 2014, regs. 12 and 29
In force.
A sector security regimes rule binding private bodies.
- Enforcement body
- Central Bank of Liberia
- Obligation class
- Security, Governance
As of .
What it requires
- This reaches you where you are an authorized institution under the Mobile Money Regulations: a bank financial institution authorized to provide mobile money services, or a mobile money provider licensed by the Central Bank of Liberia (reg. 4.0) (reached by declaring that you are a bank or a payment provider).
- Use appropriate and tested technology systems, and implement appropriate security policies and measures intended to safeguard the integrity, authenticity and confidentiality of data and operating processes (reg. 12(xii) and (xiv)).
- Maintain an adequate business continuity and disaster recovery plan, and establish an effective audit function to provide periodic review of the security control environment and critical systems (reg. 12(xv) and (xvi)).
- Have your annual external auditor comment on the adequacy of information security, business continuity and disaster recovery in the annual report the auditor submits (reg. 29).
These lines are LexLint's reading of the law's text, as of .
What this law does
The Mobile Money Regulations define an authorized institution as a bank financial institution authorized to provide mobile money services or a mobile money provider licensed by the Central Bank of Liberia. Regulation 12 makes an authorized institution responsible for implementing appropriate security policies and measures intended to safeguard the integrity, authenticity and confidentiality of data and operating processes.
Regulation 12 also makes an authorized institution responsible for establishing an effective audit function to provide periodic review of the security control environment and critical systems. Regulation 31 provides for a fine of at least L$200,000 for each violation or each day of the violation, among other supervisory sanctions.
When LexLint raises it
When your app profile says your app is a bank or is a payment provider.