National Payment System Act, 2014

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The National Payment System Act, 2014 of Samoa. The Act sets forth and authorizes the Central Bank with the power to regulate and oversee the Samoan National Payment System; to provide facilities for payment, clearing and settlement systems, their operators or their participants; and to cooperate with other authorities. It also establishes the National Payment System Committee to advise the bank on the regulation and oversight of the National Payment System; (b) on the operational and technical standards; (c) any other matters affecting payment services and the clearing and settlement of payments and securities.

Provisions of the Act cover the following:

  • Licensing of Services and Systems
    • Application, registration, issuance and renewal of licenses
    • License conditions, rights to be heard, prohibitions, non-transferability
  • Oversight
    • Standards, criteria and directives
    • Entrance and inspection rights
    • Rules of and access to systems
    • Employees, agents, outsourcing and liabilities
    • Anti-money laundering and countering financing of terrorism (AML / CFT)
    • Records rretention, access and disclosure
    • Fees and charges
  • Settlement, Netting and Finality of Payment (including collateral)
  • Wind-Up and Administration, Liquidations
  • Cheques (checks), Electronic Fund Transfers, E-Money
    • Presentation of cheques and e-cheques
    • Powers of Central Bank
    • Required fee notifications
    • Transfer terms
    • Issuance of electronic money
    • Customer policies
  • Other Items
    • Administrative penalties
    • Offences
    • Dispute resolution
    • Liability exemption
    • Regulations and directives

Document Details

Document Type: 
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Issue Status: 
Year of Document: 
2014
Language (This Document): 
English

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