Is a payment provider, in Belize

National Payment System Regulations, 2024: incident and security breach reporting (Statutory Instrument No. 29 of 2024, regs. 18(1)(c), 18(3) and 19(3) to (5)), with National Payment System Act, ss. 33 and 56 · Read the law's page

• This binds a person licensed under the National Payment System Act, Chapter 266:01, to provide a payment service (a payment service provider), a bank or credit union that provides a payment service under the Domestic Banks and Financial Institutions Act or the Credit Union Act and must comply with the Act's other requirements and its regulations (section 11(3)(a) of the Act), and, where a regulation says so, an operator of a payment system (reached by declaring that you are a payment provider).
• Submit to the Central Bank, in the manner and at the times it requires, information on incidents of fraud, theft or robbery and on service interruptions and security breaches (regulation 18(1)(c)(ii) and (iii)); an operator is bound by the same requirement (regulation 18(3)).
• Notify the Central Bank in writing as soon as practicable after any disruption or restriction in the provision of your service to consumers and after any attempted or actual fraud committed through the payment service or on you or your consumers (regulation 19(4)(b) and (c)).
• As an operator, notify the Central Bank in writing as soon as practicable after any failure of the operation of the system, including a disruption in availability, fraudulent use of the system and failure of settlement (regulation 19(3)(c)).
• Include in each notice a report on the circumstances of the event, the remedial action taken at or after the event and the preventative or remedial action you intend to take (regulation 19(5)).

National Payment System Regulations, 2024: system security audit and security directives (Statutory Instrument No. 29 of 2024, regs. 17 and 18(2)(c) and (3)), with National Payment System Act, ss. 33 and 56 · Read the law's page

• This binds a person licensed under the National Payment System Act, Chapter 266:01, to provide a payment service (a payment service provider), a bank or credit union that provides a payment service under the Domestic Banks and Financial Institutions Act or the Credit Union Act and must comply with the Act's other requirements and its regulations (section 11(3)(a) of the Act), and, where a regulation says so, an operator of a payment system (reached by declaring that you are a payment provider).
• When the Central Bank requires it, obtain and submit for the period it specifies a system security audit report by a reputable independent auditor on your payment service (regulation 18(2)(c)); an operator is bound by the same requirement (regulation 18(3)).
• Comply with any directive the Central Bank issues to you on a matter affecting the security, integrity and stability of the National Payment System; a directive is binding from the date it is issued, and you must notify the Central Bank as soon as practicable after implementing it (regulation 17(1), (3) and (4)).