BelizeBelize National Payment System Regulations, 2024, Incident, Security Breach and Service Interruption Reporting to the Central Bank
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
archived copy
Read from a public archive copy, not the publisher directly. The publisher does not serve this page to automated readers, so a direct fetch was not an option here; how we access sources. Archived 2025. Publisher's page: https://www.nationalassembly.gov.bz/wp-content/uploads/2024/03/SI-No.-29-of-2024-National-Payment-System-Regulations-2024.pdfIn force.
A vulnerability and incident reporting rule binding private bodies.
- Instrument type
- a regulation made under an act
- Obligation class
- Reporting, Security
As of .
What it requires
- This binds a person licensed under the National Payment System Act, Chapter 266:01, to provide a payment service (a payment service provider) 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)).
These lines are LexLint's reading of the law's text, as of .
If you get it wrong
Criminal exposureYes
Criminal exposure note
Section 33(4) of the National Payment System Act makes failing to comply with an order issued, a fine imposed or other administrative measures taken by the Central Bank under that section an offence, punishable on summary conviction in accordance with section 54.
Who enforces it
Enforcement body
The Central Bank of Belize, which may take administrative measures, including a fine, under section 33 of the National Payment System Act against a person who commits an infringement.
Settledness
- As of
- Open questions
- Has the Central Bank fixed, by notice or directive, the manner and times at which the information in regulation 18(1)(c) must be submitted?
What this law does
Regulation 18(1)(c) of the National Payment System Regulations, 2024 requires a payment service provider to submit to the Central Bank, in the manner and at the times the Central Bank requires, information on service interruptions and security breaches. Regulation 18(3) of the National Payment System Regulations, 2024 applies the requirements of regulation 18(1)(a), (b) and (c) and regulation 18(2) to an operator.
Regulation 19(4) of the National Payment System Regulations, 2024 requires a payment service provider to notify the Central Bank in writing as soon as practicable after any disruption or restriction in the provision of the service to consumers and after any attempted or actual fraud committed through the payment service.
Regulation 19(3)(c) of the National Payment System Regulations, 2024 requires an operator to 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(5) of the National Payment System Regulations, 2024 requires each notice to include a report on the circumstances of the event, the remedial action taken at or after the event and the intended preventative or remedial action. The National Payment System Regulations, 2024 were made by the Central Bank of Belize on .
Section 33 of the National Payment System Act lets the Central Bank take administrative measures, including a fine not exceeding two thousand dollars for each day that an infringement continues, against a person who commits an infringement. Section 33(4) of the National Payment System Act makes it an offence to fail to comply with an order issued, a fine imposed or other administrative measures taken by the Central Bank under that section.
Section 56(1) of the National Payment System Act empowers the Central Bank to issue regulations, orders, directives, guidelines or notices for carrying into effect the provisions of the Act.
When LexLint raises it
When your app profile says your app is a payment provider.