Central Bank of Syria adopts licensing framework for electronic payments and transfers

The Central Bank of Syria has published a new regulatory framework for electronic payment and transfer services, covering payment service providers, electronic money providers and payment system operators. The framework establishes licensing and supervisory requirements while preserving cash payments and not mandating any particular payment method. Banks do not require these licenses but must obtain central bank approval before launching new electronic payment activities. Providers must meet requirements for capital, governance, risk management, cybersecurity, business continuity, anti-money laundering and counterterrorist financing controls. The rules also require segregation of customer funds, clear fee disclosures, complaint handling, protection against unauthorized transactions and domestic storage of customer and transaction data. A regulatory sandbox may be used to test innovative financial products, while links to international payment systems remain subject to future legal, technical and commercial requirements and are not immediately available. Existing licensed payment companies must comply within six months of the decision. Telecommunications companies currently offering electronic payments must establish separate companies within the same period, while unlicensed providers must submit regularization requests and detailed disclosures within 15 business days. Existing bank-approved activities do not require fresh approval, but banks must notify the Central Bank of Syria of their current systems and services.