BelizeBelize National Payment System Regulations, 2024, System Security Audit Reports and Security Directives
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
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 sector security regimes rule binding private bodies.
- Instrument type
- a regulation made under an act
- Obligation class
- Security, Governance
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).
- 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)).
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 issued any directive under regulation 17 on the security of payment services, or required a system security audit report from a licensed provider under regulation 18(2)(c)?
What this law does
Regulation 18(2)(c) of the National Payment System Regulations, 2024 lets the Central Bank require a payment service provider to obtain and submit, for any specified period, a system security audit report by a reputable independent auditor on its payment service. 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 17(1) of the National Payment System Regulations, 2024 lets the Central Bank issue a directive to an operator, participant, payment service provider or other person on any matter affecting the security, integrity and stability of the National Payment System. Under regulation 17(3) of the National Payment System Regulations, 2024 a directive is binding on the person to whom it is directed.
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.