Regulatory Alerts2014-01-01
National Payment System Act 2014
The Legislative Assembly of Samoa enacted this Act to regulate the national payment system and establish the Central Bank of Samoa as the primary regulatory authority. The legislation mandates licensing for payment service providers and system operators while granting the Central Bank powers to oversee standards, conduct inspections, and manage systemic risks. It further defines legal frameworks for settlement finality, netting arrangements, electronic money issuance, and administrative penalties for non-compliance.
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