Information and Cyber Security Regulation for Payment Service Providers
Definitions:
QCB | Qatar Central Bank |
QCB Law | Law of the Qatar Central Bank and the Regulation of Financial Institutions, Qatar Law No. 13/2012. |
Payment Service Providers | Individuals or entities engaged in providing any of the payment services specified in Clauses (5) and (6) of the Payment Services Regulations (for licensing and regulating the services of payment service providers). |
Cyber Security | Set of defensive controls that aim to protect the computers, servers, portable device, electronic systems, network, associated data and information, from electronic and cyberattacks. |
AML/CFT | Anti-money Laundering and Combating Financing of Terrorism |
QFIU | Qatar Financial Information Unit |
Introduction
The growth of emerging technologies within the financial sector creates opportunities for more efficient financial solutions that cater to the modern age of banking. Given the importance of the development and evolvement of payment services, this regulation provides the security requirements and mechanisms to secure the Payment Service Providers (PSPs) from cyberattacks and security risks.