Minimum net-worth compliance requires payment service providers to maintain thresholds, address enhanced requirements timely, and undergo corrective oversight. Payment Service Providers must continuously maintain the prescribed minimum net worth. The threshold may be reviewed and adjusted to address emerging ... Summary
International Financial Services Centres Authority (Payment Services) Regulations, 2024
Minimum net-worth compliance requires payment service providers to maintain thresholds, address enhanced requirements timely, and undergo corrective oversight.
Payment Service Providers must continuously maintain the prescribed minimum net worth. The threshold may be reviewed and adjusted to address emerging risks and changes in the financial environment. Any additional net-worth requirement arising from such review must be met within 180 days of communication. Corrective action may apply where net worth falls below applicable requirements, and providers may be required to conduct stress tests of their ability to withstand adverse economic scenarios.
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