Electronic Money Supervisory Commission

Regulatory Topics

EMSCOMM’s CODE OF CONDUCT

10th of November 2016, EMSCOMM launched its Code of Conduct to set enforceable rules and regulations to deliver a certain standards of practice. This code of conduct is intended to raise industry standards and complement legislative requirements, and aim to encourage consumer confidence in this particular industry.

Code of conduct identifies principles intended at promoting electronic money. This is also to help e-money to continue to drive the growth of the digital finance in the economy.

The Commission launched the code of conduct for E-Money providers with the same aim of establishing common business principles for all e-money providers will commit to implement. This code of conduct will support the development of a safe and responsible industry for digital financial services.

The code of conduct focuses on different principles such as safeguarding customers’ funds against risk of loss, putting on effective mechanisms against money laundering and terrorist financing, equip and monitor staff, agents, and entities providing services to ensure that the services they are offering are safe and reliable. Thus, includes providers have well-developed policies and processes and sufficient network and system capacity to ensure reliable service provision. In additional to the code of conduct, the commission will make sure that the security of network and channel are on top notched, empower clients to make informed decisions; based on communication and timely efficient conscious. Making sure that complaints also will be effectively addressed and problems are resolved in a timely manner. And finally, providers follow good data privacy practices when collecting, processing, and/or transmitting customers’ personal data.

This code of conduct created by the commission to promulgate principles and ethics to e-money providers to ensure that their services are sound, the channel is secure, and the customer is treated fairly.