Mandatory payment-service disclosures require clear regulatory risk statements, transparent promotions, pre-transaction details, and free transaction confirmations for users. Payment Service Providers must give customers and potential customers a prescribed statement that authorisation does not assure recovery of all funds if ... Summary
Referred In :
International Financial Services Centres Authority (Payment Services) Regulations, 2024
Mandatory payment-service disclosures require clear regulatory risk statements, transparent promotions, pre-transaction details, and free transaction confirmations for users.
Payment Service Providers must give customers and potential customers a prescribed statement that authorisation does not assure recovery of all funds if the provider's business fails. The statement must appear in publicly available material, be given before use of the service, and be supplied in writing to customers who did not receive it earlier. Before transaction approval, providers must supply details of the beneficiary, amount, fees, execution time limits, finality, irrevocability, and applicable exchange rate.
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