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

Other policies and regulations

• National Payments System Oversight Policy

• Policy Guidelines on the Recognition of Clearance and Settlement System Operators

• Electronic Clearing House Rules