Regulatory Alerts2021-05-17
National Payment System Act, 2021
The Parliament of Barbados enacted this Act to modernize, regulate, and oversee the National Payment System through the Central Bank of Barbados. The legislation establishes a licensing framework for payment service providers and operators while empowering the Central Bank to enforce ongoing supervision, consumer protection, and risk management standards. It further defines the legal finality of payments, settlement procedures, and administrative penalties to ensure the safety and efficiency of domestic and foreign currency transfers.
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