On Apr. 14, CHL CMF issued proposal re new regulations on security.
CHL CMF issued new draft regulations for consultation on security and authentication of payment methods applicable to payment card issuers and other financial providers.
Proposed Requirements
Proposed regulations establishing minimum security, registration, and authentication standards required for electronic payment as well as transaction processes.
Covers financial institutions subject to the mandate of Article 4 of Law20.009.
The purpose of these standards is to provide guidelines for the definition and use of the various mechanisms through which electronic transactions are conducted.
Proposal addresses aspects, such as minimum standards for transaction security.
Also recording, authentication, criteria for robustness, independence, differentiation.
Standards associated with strong client authentication, determination of usage scenarios and transactions in which Strong Customer Authentication (SCA).
