Framework Being Developed For Regulation Of PSPs

• The Bank of Jamaica (BOJ) has commenced work to develop an enabling framework for the regulation of Payment Service Providers (PSPs).
• This is to facilitate the entities’ designation under the Proceeds of Crime Act (POCA), Deputy Governor in charge of Market Operations and Currency, Natalie Haynes, has said.
• Additionally, Mr. Byles said that in establishing the Sandbox, the BOJ has joined its regulatory counterparts globally, “in seeking to understand the opportunities that can be presented by financial technology, particularly in the delivery of payment services and consumer protection.”
• “We view the Sandbox as one of the tools which is helping to respond to the advances in the market where the regulatory paradigm may not move as quickly. The OUR is keen to support the development of innovative products through cooperation with, and participation of the telecommunications sector,” Mr. Hewitt said.

 (Source: JIS)