Regulatory Alerts2017-06-02
Bank of Namibia Determination on Imposition of Administrative Penalties in the National Payment System (PSD-8)
The Bank of Namibia issued Determination PSD-8 to establish the framework for imposing administrative penalties on authorized participants in the National Payment System for delayed compliance with regulatory directives. The document outlines specific assessment principles, including intent, severity, and cooperation, to calculate penalty amounts ranging from N$10,000 to N$100,000, with daily penalties capped at N$100,000 per day and N$1,000,000 in total. It further defines procedural rules for issuing notices, allowing for written representations, and detailing appeal processes and remedial measures to ensure system safety and regulatory compliance.
Share