SeychellesSeychelles National Payment System (Electronic Money) Regulations, 2022: Technical Requirements, Systems and Controls of Electronic Money Issuers
National Payment System (Electronic Money) Regulations, 2022 (S.I. 128 of 2022), reg. 13
In force.
A sector security regimes rule binding private bodies.
- Enforcement body
- Central Bank of Seychelles
- Obligation class
- Security, Governance
As of .
What it requires
- This reaches you where you are an electronic money issuer, meaning a person licensed as a payment service provider or approved by the Central Bank of Seychelles to issue electronic money (reg. 2) (reached by declaring that you are a payment provider).
- Maintain valid third-party certification from a reputable certification authority or body on your compliance status with ISO standards at all times, and appropriate, robust and tested technology systems (reg. 13(2)(a) and (b)).
- Maintain appropriate and robust security policies and measures intended to safeguard the integrity, authenticity and confidentiality of data and operating processes, and an adequate and robust business continuity and disaster recovery plan (reg. 13(2)(c) and (d)).
- Maintain an effective audit function to provide periodic review of the security control environment and critical systems (reg. 13(2)(e)).
- Ensure your systems are capable of maintaining a complete audit log of all user activities, to facilitate detection of errors, fraud and tampering incidents (reg. 13(3)).
- Deploy and adopt systems proportionate to the nature and complexity of your design, architecture and platform, accompanied by procedural safeguards to detect and protect against fraud and hacking (reg. 13(4)).
- Comply with the Regulations within six months of their coming into force if you were already operating before then (reg. 20).
These lines are LexLint's reading of the law's text, as of .
What this law does
The Regulations define an electronic money issuer as a person licensed as a payment service provider or approved by the Central Bank to issue electronic money. The Central Bank makes the Regulations in exercise of the powers conferred by section 42(1) of the National Payment System Act, 2014.
Regulation 13 requires an electronic money issuer to ensure that appropriate and robust security policies and measures intended to safeguard the integrity, authenticity and confidentiality of data and operating processes are in place. Regulation 13 requires an electronic money issuer to ensure that an effective audit function provides periodic review of the security control environment and critical systems.
Regulation 20 requires an electronic money issuer already in operation to comply within six months from the coming into force of the Regulations.
When LexLint raises it
When your app profile says your app is a payment provider.