Regulatory Framework: How to Prepare for and Comply with New Financial Regulations in Central America and Mexico
Regulatory responses vary from country to country and are at different stages of maturity. While Mexico has implemented stringent standards for card transaction authentication and promoted interbank schemes to combat fraud, Costa Rica has recently adopted mandatory regulations for multi-factor authentication and is discussing legislation to establish bank liability for digital fraud.

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Costa Rica - SUGEF 10-07 and Law 23.908
Costa Rica has begun to consolidate a regulatory framework that reinforces security in electronic payments and financial user protection.

Mexico: Interbank agreement to freeze accounts - Association of Banks of Mexico (ABM)
Mexico has adopted a progressive approach to financial regulation and fraud prevention, combining mandatory measures of authentication, shared responsibility, and interbank collaboration.

General Overview in the Rest of Central America
In the rest of the Central American countries - including Honduras, El Salvador, Nicaragua, Guatemala and Panama - regulatory initiatives aimed at formalizing the digital payments ecosystem and supervising Payment Service Providers (PSPs) have begun to be implemented.
