ARTICLE
27 August 2015

MFSA Issues Rules On Security Of Internet Payments Of Credit, Payment And Electronic Money Institutions

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GVZH Advocates

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GVZH Advocates is a modern, sophisticated legal practice composed of top-tier professionals and rooted in decades of experience in the Maltese legal landscape. Built on the values of acumen, integrity and clarity, the firm is dedicated to providing the highest levels of customer satisfaction, making sure that legal solutions are soundly structured, rigorously tested, and meticulously implemented.
The rules establish a set of minimum requirements in the field of security internet payments, in line with the Payment Services Directive (Directive 2007/64/EC).
Malta Finance and Banking

The rules establish a set of minimum requirements in the field of security internet payments, in line with the Payment Services Directive (Directive 2007/64/EC). A number of requirements for payment services, together with obligations of payment service providers are introduced.

These rules apply to:

  1. Credit Institutions licensed in terms of the Banking Act;
  2. Payment Institutions licensed in terms of the Financial Institutions Act in order to undertake Activity 4 and/or Activity 10 in the first Schedule to the said Act; and

Rule FIR/04 is to be read in tandem with the EBA Guidelines and came into force on the 7th of August 2015.

The guidelines tackle in particular:

  • Incident monitoring and reporting
  • Risk control and mitigation
  • Initial customer identification and information
  • Strong customer authentication
  • Login attempts, session time out and validity of authentication
  • Customer awareness, education and communication

The rules can be accessed here.

www.csb-advocates.com

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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