E-payment system for funds
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E-payment system for funds
Admin Sun Aug 03, 2014 7:41 pm
E-payment system
http://www.cbi.iq/documents/E-payment%20system%20for%20funds.pdf
will try and get it translated
This is part that was translated for me!
Republic of Iraq
Prime Minister's Office
A. The maximum length of time to complete the process.
B. Wages
C. Rates of Exchange
Chapter 11
The Rights of the Customer
Article 26. The service provider of the electronic payments should commit to the following:
First, to inform the customer of his rights and obligations, including placing signs at the entrance of the company.
Second, ensuring that the customer is financially compensated in case of delayed transfers past the allocated time.
Third, ensuring that the customer is financially compensated in the event that his money is lost or funds are short due to the negligence or mismanagement of the department.
Chapter 12
Settlement
Article 27. The necessary guarantees and money should be provided in the bank. These funds and guarantees should be available immediately for the purpose of settlement in accordance with the regulations set forth by the bank.
Article 28. The transactions that are cleared, completed and settled through a settlement system and clearing system, are final and cannot be reversed. These include electronic settlements, central filing systems for securities and retail payment systems.
Chapter 13
General Provisions
Article 29. First: The provider of the electronic payment service will be appointed an auditor approved by the Board of Audit and Control for a time period not to exceed 5 years, and with the approval of the bank.
Second: the auditor needs to inform the bank of the following:
A. Any violations of the laws, regulations and instructions related to the electronic payment services laws.
B. Any information which enables the bank to determine the extent of commitment of the electronic payments service provider to its continuous obligations.
C. Any information the bank requests for its services.
Article 30. First: To provide the electronic payments services with a direct subscription to the national distributor or through an agent licensed by the bank or through a foreign agency.
Second: To provide the electronic payments with an investment of part of its funds with liquid assets, and with the approval of the bank provided it places these liquid assets in a separate account.
Third: The electronic payment systems provider is subject to special regulations for voluntary or mandatory liquidation.
Article 31. These regulations will be in effect from the date of publication in the official newspaper.
Nouri Kamel Al-Maliki
Prime Minister
http://www.cbi.iq/documents/E-payment%20system%20for%20funds.pdf
will try and get it translated
This is part that was translated for me!
Republic of Iraq
Prime Minister's Office
A. The maximum length of time to complete the process.
B. Wages
C. Rates of Exchange
Chapter 11
The Rights of the Customer
Article 26. The service provider of the electronic payments should commit to the following:
First, to inform the customer of his rights and obligations, including placing signs at the entrance of the company.
Second, ensuring that the customer is financially compensated in case of delayed transfers past the allocated time.
Third, ensuring that the customer is financially compensated in the event that his money is lost or funds are short due to the negligence or mismanagement of the department.
Chapter 12
Settlement
Article 27. The necessary guarantees and money should be provided in the bank. These funds and guarantees should be available immediately for the purpose of settlement in accordance with the regulations set forth by the bank.
Article 28. The transactions that are cleared, completed and settled through a settlement system and clearing system, are final and cannot be reversed. These include electronic settlements, central filing systems for securities and retail payment systems.
Chapter 13
General Provisions
Article 29. First: The provider of the electronic payment service will be appointed an auditor approved by the Board of Audit and Control for a time period not to exceed 5 years, and with the approval of the bank.
Second: the auditor needs to inform the bank of the following:
A. Any violations of the laws, regulations and instructions related to the electronic payment services laws.
B. Any information which enables the bank to determine the extent of commitment of the electronic payments service provider to its continuous obligations.
C. Any information the bank requests for its services.
Article 30. First: To provide the electronic payments services with a direct subscription to the national distributor or through an agent licensed by the bank or through a foreign agency.
Second: To provide the electronic payments with an investment of part of its funds with liquid assets, and with the approval of the bank provided it places these liquid assets in a separate account.
Third: The electronic payment systems provider is subject to special regulations for voluntary or mandatory liquidation.
Article 31. These regulations will be in effect from the date of publication in the official newspaper.
Nouri Kamel Al-Maliki
Prime Minister
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