In pursuit of developing an effective, efficient, reliable and secure payments system there has to be adequate legal infrastructure to regulate the payments and settlement systems in the country. The Payments and Settlement Department uses the following legislation and regulations that are central and serve as a guide for the main function of licensing and regulating payment systems in the country:
Core Legislation
- National Clearance and Settlement Systems Act (Cap 46:06), 2003
- National Clearance and Settlement Systems Regulations, 2005
Supporting Legislation
- Banking Act (Cap 56:04)
- Anti-Money Laundering Regulations
- Electronic Communications and Transactions Act 2014
- Electronic (Evidence) Records Act 2014
- Electronic Payment Services Regulations 2019
- Financial Intelligence Regulations 2022
- Financial Intelligence ACT No 2 of 2022
- Electronic Payment Services Guidelines February 2022
Other Policies and Regulations