CAPITAL MARKETS NEWSLETTER
SBS standards
The Superintendency of Banking, Insurance and Private Pension Fund Administrators («SBS») modifies the Credit and Debit Card Regulation, approved by Resolution SBS No. 6523-2013, the Regulation for Information Security and Cybersecurity Management, approved by SBS Resolution No 504-2021, the Regulation on Management of Market Conduct of the Financial System, approved by SBS Resolution No. 3274-2017, and the Regulation on Claims and Requirements, approved by Resolution SBS No. 4036-2022. By Resolution SBS No. 2286-2024 («Resolution»), published in the official journal «El Peruano» on 28 June of this year, the entity approved the amendment of the above-mentioned regulations, mainly for:
- Establish that the process of authentication of the user for making transactions with credit and/or debit cards must be carried out as set out in article 19 of the Regulation for the Information Security and Cybersecurity Management, approved by Resolution SBS N° 504-2021, using the authentication factors provided for in that regulation, and following the special rules established by said Resolution.
- Provide for the obligation of financial system enterprises to use some or a combination of authentication factors, to verify the identity of its customers and to record the acceptance of financial products and services contracts they enter into with them.
- Establish liability for the entities of the financial system in case of transactions not recognised by customers or carried out without the authentication mechanism reinforced.
