Regulatory Alerts2023-12-04
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Regulation No 78/2023 on Administrative Faults and Sanctions for Payment System Operators and Service Providers
The National Bank of Rwanda issues Regulation No 78/2023 to establish administrative faults and corresponding sanctions for payment system operators and payment service providers, excluding banks and deposit-taking microfinance institutions. The regulation outlines specific administrative penalties including written warnings, license suspension or revocation, and pecuniary fines, while also defining direct liability for senior managers who breach regulatory requirements. It further details the procedural framework for imposing sanctions, emphasizing mitigating and aggravating factors such as cooperation levels, prior warnings, and the implementation of remedial programs to ensure compliance.
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