National Payment System Act, 2014

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

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2014

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