Regulatory Alerts2009-01-01
Payments System Act 2009
Enacted by the Sierra Leonean Parliament and administered by the Bank of Sierra Leone, this legislation establishes a comprehensive legal framework for designating, operating, and supervising electronic payment, clearing, and settlement systems. The Central Bank is granted broad supervisory authority to designate systems, set operational standards, issue binding directions to participants, and enforce compliance through inspections, reporting requirements, and substantial financial penalties. The Act mandates operational transparency, defines netting and settlement finality to mitigate systemic risk, restricts unapproved entities from accepting transfer instructions, and provides clear dispute resolution and winding-up procedures for all system participants.