BRIDGETOWN, Barbados, CMC – The Central Financial institution of Barbados (CBB) has printed a brand new complete regulatory steerage, designed to strengthen oversight of the nationwide cost system and supply readability for cost service suppliers (PSPs) working in Barbados.
The CBB has launched three key paperwork on its web site that set up a clear regulatory atmosphere for cost service suppliers.
It acknowledged that the Oversight Coverage Framework outlines the Financial institution’s dedication to making sure optimum cost system providers that help financial development and monetary stability throughout the area. The Licensing and Authorisation Framework supplies clear tips for cost service suppliers in search of to function within the Barbadian market, whereas the Supervisory Framework particulars ongoing supervision necessities.
The CBB acknowledged that, below the Compliance Necessities and Timeline of the Nationwide Fee System Act (NPSA), all related entities are required to submit a proper compliance programme to the Central Financial institution inside three months of this announcement.
It stated that this programme should reveal how the organisation will obtain full NPSA compliance inside six months, together with licensing functions the place required.
“These frameworks symbolize our dedication to fostering a sturdy and modern cost ecosystem in Barbados,” the CBB stated, including, “We wish to make sure that cost service suppliers have the readability and steerage they should function successfully whereas sustaining the best requirements of shopper safety and system integrity. The Financial institution subsequently encourages all PSPs to overview the paperwork rigorously”.
The Central Financial institution acknowledged that it recognises the implementation of those new necessities might elevate questions for cost service suppliers and encourages PSPs to contact the Financial institution for steerage and help all through the compliance course of.
