EswatiniMinimum Standards for Electronic Payment Schemes: Reporting of Fraud, Major Security Breaches and Service Interruptions
Minimum Standards for Electronic Payment Schemes, September 2010, paras. 4.3 and 4.4
In force.
A vulnerability and incident reporting rule binding private bodies.
- Instrument type
- a regulation made under an act
- Obligation class
- Reporting
As of .
What it requires
- This binds a financial institution or non-financial institution, including a payment system operator or payment service provider, that has introduced or intends to introduce an electronic payment scheme or product, and is required to adhere to the Minimum Standards (paragraph 1.4; reached by declaring that you are a bank or a payment provider).
- Report promptly any suspected or confirmed case of fraud relating to an electronic payment scheme, any major security breach, any material service interruption or other significant issue (paragraph 4.3, in the section on the Central Bank's oversight function).
- Ensure regular and timely submission of all reports the Central Bank requests about providing electronic payment scheme services or products (paragraph 4.4).
These lines are LexLint's reading of the law's text, as of .
Who enforces it
Enforcement body
The Central Bank of Eswatini, which under paragraph 5.1 attaches penalties and sanctions as it determines to a failure to comply with the Minimum Standards.
Settledness
- As of
- Open questions
- To whom, and within what time, must a report under paragraph 4.3 be made, given that the paragraph states only that it be made promptly?
What this law does
Paragraph 4.3 of the Minimum Standards for Electronic Payment Schemes says that financial institutions and non-financial institutions shall promptly report any suspected or confirmed cases of fraud relating to electronic payment schemes, major security breaches, any material service interruption or other significant issues.
Paragraph 4.4 says they shall ensure regular and timely submission of all reports requested by the Bank related to the provision of electronic payment scheme services or products. Paragraph 5.1 says that failure to comply with the Minimum Standards shall attract penalties and sanctions as determined by the Bank.
When LexLint raises it
When your app profile says your app is a bank or is a payment provider.