The Central Bank of Barbados has published comprehensive regulatory guidance for payment service providers (PSPs), setting out a clearer approach to oversight of the national payment system and the requirements for PSPs operating in Barbados. The package comprises three documents: an Oversight Policy Framework, a Licensing and Authorisation Framework, and a Supervisory Framework covering ongoing supervision requirements. Under Section 60(1) of the National Payment System Act, relevant entities must submit a formal compliance programme to the Central Bank within three months, demonstrating how they will achieve full compliance within six months, including submitting licensing applications where required.
Central Bank of Barbados 2025-09-25
Central Bank of Barbados publishes new regulatory frameworks for payment service providers and sets NPSA compliance programme deadlines
The Central Bank of Barbados has issued comprehensive regulatory guidance for payment service providers, detailing oversight, licensing, and supervisory requirements. The guidance includes an Oversight Policy Framework, a Licensing and Authorisation Framework, and a Supervisory Framework. Entities must submit a compliance programme within three months under Section 60(1) of the National Payment System Act.