MadagascarElectronic Money Act: Data and Transaction Security of Electronic Money Institutions
Loi n° 2016-056 sur la monnaie électronique, arts. 51 and 52
In force.
A sector security regimes rule binding private bodies.
- Obligation class
- Security
As of .
What it requires
- This binds an electronic money institution (établissement de monnaie électronique): a legal person that the CSBF has licensed to carry out electronic money operations (Article 11), reached by declaring that you are a payment provider.
- Guarantee the protection of the data you hold while it is transmitted or stored during the retention period (Article 51).
- Operate a technical system or platform that secures the protection, integrity, authenticity and confidentiality of the data and the security of transactions (Article 51).
- Assign each user a personal means of identification that gives secure access to your services and lets the user carry out transactions on the user's electronic money account (Article 52).
These lines are LexLint's reading of the law's text, as of .
Who enforces it
Enforcement body
The Commission de Supervision Bancaire et Financière (CSBF), the regulatory and supervisory authority over electronic money institutions, which supervises them and sanctions the infractions it finds.
Settledness
- As of
- Open questions
- Which CSBF instruction sets the technical standards for the data protection system that Article 51 requires?
What this law does
Article 51 requires an electronic money institution to guarantee the protection of data during its transmission or its storage. Article 51 requires the institution to ensure that a technical system or platform is in place that secures the protection, integrity, authenticity and confidentiality of the data and the security of transactions. Article 52 requires the institution to assign users a personal means of identification that lets them access the services provided in a secure way.
When LexLint raises it
When your app profile says your app is a payment provider.