- PART I - PRELIMINARY
- PART II - SCOPE OF ELECTRONIC FUND TRANSFER
- PART III - TERMS AND CONDITIONSFOR ELECTRONIC FUND TRANSFER
- PART IV -TELEGRAPHIC TRANSFER
- PART V -ERRONEOUS AND UNAUTHORISEDELECTRONIC FUND TRANSFER
- PART VI -DUTIES OF FINANCIAL INSTITUTIONS
- PART VII -INVESTIGATION AND RESOLUTION PROCEDURE
- PART VIII -MISCELLANEOUS
- ENQUIRIES
GUIDELINES ON CONSUMER PROTECTION ON ELECTRONIC FUND TRANSFERS
PART I
PRELIMINARY
Scope and Interpretation
- The purpose of these Guidelines is to provide a basic framework to establish the rights, liabilities and responsibilities of customers and financial institutions relating to electronic fund transfers.
-
- These Guidelines are issued pursuant to 54 and 536 of the
- Maldives Monetary Authority Act (1981). Definitions
- For purposes of these Guidelines -
�Access code" includes pin, password or code which provides a means of access to a customer's account for the purposes of initiating an electronic fund transfer; �Account" means any account maintained with a financial institution; �Beneficiary" means the person named in payment order who is to be paid by the beneficiary bank; �Beneficiary bank" means the bank identified in a payment order which is to make payment to a beneficiary- (a) by crediting the account of beneficiary; or (b) in any other manner, where the payment order does not provide for crediting an account;
Card" means any card, including an ATM card, EFTPO5 card,
debit card, credit card or stored value card, used by a
customer to effect an electronic fund transfer;
Customer" means a natural person using an electronic fund transfers facility provided by a financial institution;
Financial institution" means a financial institution licensed under the Maldives Monetary Authority Act 5ection 29 (1);
Payment order" means a payment instruction by a customer to a financial institution, transmitted orally, electronically, or in writing, to pay, or to cause another financial institution to pay, a fixed or determinable amount of money to a beneficiary.
PART II
SCOPE OF ELECTRONIC FUND TRANSFER
Coverage of electronic fund transfer
4. For purposes of these Guidelines, electronic fund transfer means fund transfers carried out through or by means of: - (a)
- telegraphic transfer;
- (b)
- point-of-sale terminal;
(c)stored value card terminal;
- (d)
- cash dispensing machine;
- (e)
- cash deposit machine;
- (f)
- telephonic instruments; or
- (g)
- debit card.
Exceptions to electronic fund transfer
5. The term �electronic fund transfer" in paragraph 4, does not include - (a)
- any transaction or authorisation service which does not directly result in a debit or credit to a customer's account; or
- (b)
- any automatic transfer from a savings account to a current account and vice versa pursuant to an agreement between a customer and a financial institution.
PART III
TERMS AND CONDITIONS
FOR ELECTRONIC FUND TRANSFER
Terms and Conditions
6. (1) A Financial institution providing any type of electronic fund transfer shall have standard terms and conditions in relation to the carrying out of electronic fund transfers. - (2)
- The standard terms and conditions shall be in writing in Dhivehi and English, in clear, readily understandable and user friendly manner.
- (3)
- The standard terms and conditions shall be disclosed by a financial institution to a customer before or at the time the electronic fund transfer is carried out.
- (4)
- The standard terms and conditions to carry out Electronic Fund Transfer shall include
- (a)
- the customer's liability for any unauthorised electronic fund transfer and duty to report to the financial institution promptly any loss, misuse, theft or unauthorised use of, access code or a card;
- (b)
- the telephone number and address of the department in charge of electronic fund transfers of the financial institution to be notified in the event the customer believes that an unauthorised electronic fund transfer has been or may be affected;
- (c)
- the customer's right to stop payment of a preauthorised electronic fund transfer and the conditions and procedures to initiate such stop payment order;
- (d)
- information relating to lodgment of complaints, investigation and resolution procedures; and
- (e)
- the customer's right to receive relevant documents in relation to electronic fund transfers.
- (5)
- The instruction of a customer to stop payment of a preauthorised electronic funds transfer as mentioned under subparagraph (4) (c) shall operate immediately unless agreed otherwise by the customer and financial institution whereby a date or time is predetermined.
- (6)
- For the purposes of this paragraph, �preauthorised electronic fund transfer" means any prior arrangement or agreement between a customer and a financial institution to authorise the financial institution to
- (a)
- make payments to a third party out of the funds standing in the account of the customer; or
- (b)
- transfer funds from one account of the customer to another account of the customer maintained with the financial institution or another financial institution.
Availability of the terms and conditions
7. A Financial institution shall make available copies of the standard terms and conditions in Dhivehi and English at its branches that provide electronic fund transfer services.
Changes in the terms and conditions
8. A financial institution may vary or modify the standard terms and conditions of an electronic fund transfer in relation to - (a)
- imposing or increasing charges;
- (b)
- increasing the customer's liability for losses; or
- (c)
- adjusting the transaction limits on the use of a card,
provided such changes are approved by the Maldives Monetary Authority or any other body, authorised by the Maldives Monetary Authority and it gives prior written notice to the customer.
Notification of other changes
9. (1) A financial institution may notify the customer of any other changes in the standard terms and conditions through- - (a)
- notice in the periodic statement of account;
- (b)
- notice at ATM, EFTPO5 or other electronic terminals;
- (c)
- notice at its branches; or
- (d)
- any other mode it deems suitable.
(2) Where notification is given under subparagraph 9 (1) (b), (c) or (d) and the customer is not notified directly, subsequent written advice shall be provided to the customer by the financial institution.
Exception to notification
10. Notwithstanding paragraph 9, advance notice need not be given when changes are necessitated by an immediate need to restore or maintain the security of an electronic fund transfer, an electronic fund transfer system or an individual account.
Consolidation of changes
11. Where important or a sufficient number of changes so warrant, a financial institution may issue a
PART I
PRELIMINARY
Scope and Interpretation
- The purpose of these Guidelines is to provide a basic framework to establish the rights, liabilities and responsibilities of customers and financial institutions relating to electronic fund transfers.
-
- These Guidelines are issued pursuant to 54 and 536 of the
- Maldives Monetary Authority Act (1981). Definitions
- For purposes of these Guidelines -
�Access code" includes pin, password or code which provides a means of access to a customer's account for the purposes of initiating an electronic fund transfer; �Account" means any account maintained with a financial institution; �Beneficiary" means the person named in payment order who is to be paid by the beneficiary bank; �Beneficiary bank" means the bank identified in a payment order which is to make payment to a beneficiary- (a) by crediting the account of beneficiary; or (b) in any other manner, where the payment order does not provide for crediting an account;
Card" means any card, including an ATM card, EFTPO5 card,
debit card, credit card or stored value card, used by a
customer to effect an electronic fund transfer;
Customer" means a natural person using an electronic fund transfers facility provided by a financial institution;
Financial institution" means a financial institution licensed under the Maldives Monetary Authority Act 5ection 29 (1);
Payment order" means a payment instruction by a customer to a financial institution, transmitted orally, electronically, or in writing, to pay, or to cause another financial institution to pay, a fixed or determinable amount of money to a beneficiary.
PART II
SCOPE OF ELECTRONIC FUND TRANSFER
Coverage of electronic fund transfer
4. For purposes of these Guidelines, electronic fund transfer means fund transfers carried out through or by means of: - (a)
- telegraphic transfer;
- (b)
- point-of-sale terminal;
(c)stored value card terminal;
- (d)
- cash dispensing machine;
- (e)
- cash deposit machine;
- (f)
- telephonic instruments; or
- (g)
- debit card.
Exceptions to electronic fund transfer
5. The term �electronic fund transfer" in paragraph 4, does not include - (a)
- any transaction or authorisation service which does not directly result in a debit or credit to a customer's account; or
- (b)
- any automatic transfer from a savings account to a current account and vice versa pursuant to an agreement between a customer and a financial institution.
PART III
TERMS AND CONDITIONS
FOR ELECTRONIC FUND TRANSFER
Terms and Conditions
6. (1) A Financial institution providing any type of electronic fund transfer shall have standard terms and conditions in relation to the carrying out of electronic fund transfers. - (2)
- The standard terms and conditions shall be in writing in Dhivehi and English, in clear, readily understandable and user friendly manner.
- (3)
- The standard terms and conditions shall be disclosed by a financial institution to a customer before or at the time the electronic fund transfer is carried out.
- (4)
- The standard terms and conditions to carry out Electronic Fund Transfer shall include
- (a)
- the customer's liability for any unauthorised electronic fund transfer and duty to report to the financial institution promptly any loss, misuse, theft or unauthorised use of, access code or a card;
- (b)
- the telephone number and address of the department in charge of electronic fund transfers of the financial institution to be notified in the event the customer believes that an unauthorised electronic fund transfer has been or may be affected;
- (c)
- the customer's right to stop payment of a preauthorised electronic fund transfer and the conditions and procedures to initiate such stop payment order;
- (d)
- information relating to lodgment of complaints, investigation and resolution procedures; and
- (e)
- the customer's right to receive relevant documents in relation to electronic fund transfers.
- (5)
- The instruction of a customer to stop payment of a preauthorised electronic funds transfer as mentioned under subparagraph (4) (c) shall operate immediately unless agreed otherwise by the customer and financial institution whereby a date or time is predetermined.
- (6)
- For the purposes of this paragraph, �preauthorised electronic fund transfer" means any prior arrangement or agreement between a customer and a financial institution to authorise the financial institution to
- (a)
- make payments to a third party out of the funds standing in the account of the customer; or
- (b)
- transfer funds from one account of the customer to another account of the customer maintained with the financial institution or another financial institution.
Availability of the terms and conditions
7. A Financial institution shall make available copies of the standard terms and conditions in Dhivehi and English at its branches that provide electronic fund transfer services.
Changes in the terms and conditions
8. A financial institution may vary or modify the standard terms and conditions of an electronic fund transfer in relation to - (a)
- imposing or increasing charges;
- (b)
- increasing the customer's liability for losses; or
- (c)
- adjusting the transaction limits on the use of a card,
provided such changes are approved by the Maldives Monetary Authority or any other body, authorised by the Maldives Monetary Authority and it gives prior written notice to the customer.
Notification of other changes
9. (1) A financial institution may notify the customer of any other changes in the standard terms and conditions through- - (a)
- notice in the periodic statement of account;
- (b)
- notice at ATM, EFTPO5 or other electronic terminals;
- (c)
- notice at its branches; or
- (d)
- any other mode it deems suitable.
(2) Where notification is given under subparagraph 9 (1) (b), (c) or (d) and the customer is not notified directly, subsequent written advice shall be provided to the customer by the financial institution.
Exception to notification
10. Notwithstanding paragraph 9, advance notice need not be given when changes are necessitated by an immediate need to restore or maintain the security of an electronic fund transfer, an electronic fund transfer system or an individual account.
Consolidation of changes
11. Where important or a sufficient number of changes so warrant, a financial institution may issue a
Scope and Interpretation
Card" means any card, including an ATM card, EFTPO5 card,
debit card, credit card or stored value card, used by a
customer to effect an electronic fund transfer;
Customer" means a natural person using an electronic fund transfers facility provided by a financial institution;
Financial institution" means a financial institution licensed under the Maldives Monetary Authority Act 5ection 29 (1);
Payment order" means a payment instruction by a customer to a financial institution, transmitted orally, electronically, or in writing, to pay, or to cause another financial institution to pay, a fixed or determinable amount of money to a beneficiary.
PART II
4. For purposes of these Guidelines, electronic fund transfer means fund transfers carried out through or by means of: 5. The term �electronic fund transfer" in paragraph 4, does not include PART III 6. (1) A Financial institution providing any type of electronic fund transfer shall have standard terms and conditions in relation to the carrying out of electronic fund transfers. 7. A Financial institution shall make available copies of the standard terms and conditions in Dhivehi and English at its branches that provide electronic fund transfer services.
8. A financial institution may vary or modify the standard terms and conditions of an electronic fund transfer in relation to provided such changes are approved by the Maldives Monetary Authority or any other body, authorised by the Maldives Monetary Authority and it gives prior written notice to the customer.
9. (1) A financial institution may notify the customer of any other changes in the standard terms and conditions through- (2) Where notification is given under subparagraph 9 (1) (b), (c) or (d) and the customer is not notified directly, subsequent written advice shall be provided to the customer by the financial institution.
10. Notwithstanding paragraph 9, advance notice need not be given when changes are necessitated by an immediate need to restore or maintain the security of an electronic fund transfer, an electronic fund transfer system or an individual account.
11. Where important or a sufficient number of changes so warrant, a financial institution may issue a
�Access code" includes pin, password or code which provides a means of access to a customer's account for the purposes of initiating an electronic fund transfer; �Account" means any account maintained with a financial institution; �Beneficiary" means the person named in payment order who is to be paid by the beneficiary bank; �Beneficiary bank" means the bank identified in a payment order which is to make payment to a beneficiary- (a) by crediting the account of beneficiary; or (b) in any other manner, where the payment order does not provide for crediting an account; SCOPE OF ELECTRONIC FUND TRANSFER
Coverage of electronic fund transfer
(c)stored value card terminal;
Exceptions to electronic fund transfer
TERMS AND CONDITIONS
FOR ELECTRONIC FUND TRANSFER
Terms and Conditions
Availability of the terms and conditions
Changes in the terms and conditions
Notification of other changes
Exception to notification
Consolidation of changes