Regulatory Alerts2022-09-13
Payment Systems Act 2022
The National Parliament of Solomon Islands enacted the Payment Systems Act 2022 to establish a comprehensive regulatory framework for payment systems and services. The Central Bank of Solomon Islands is designated as the primary regulator with dual operational and supervisory roles to ensure the safety, efficiency, and integrity of the national payment framework. The legislation mandates licensing for operators, defines consumer protection standards, and grants the Central Bank enforcement powers including investigation and penalty imposition.
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