Regulatory Alerts2023-06-21
National Payment System (Amendment) Act, 2023
The Parliament of Belize enacted this legislation to amend the National Payment System Act in order to satisfy Financial Action Task Force recommendations and regulate payment service providers. The amendments mandate the licensing or registration of payment service providers and their agents, while imposing strict anti-money laundering and counter-terrorist financing monitoring obligations on providers. Additionally, the Central Bank is empowered to investigate contraventions, publish decision notices regarding sanctions, and enforce compliance through defined administrative procedures.
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