Law No. 12.865/2013, called the Brazilian Payment Systems Law, made the Brazilian Payments System modern and created the regulatory body for payment service providers and digital wallets. The law contains important consumer protection provisions like the separation of client assets provided by Article 22 and, at the same time, keeps up with new security standards.
The Reserve Bank of India imposed a monetary penalty of ₹3.10 lakh on Ola Financial Services Private Limited for non-compliance with KYC directions under the Payment and Settlement Systems Act, 2007. Following a statuto…
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