Fit and proper compliance requires payment service providers to assess integrity, financial soundness, and specified regulatory disqualifications. Payment Service Providers must establish effective systems and controls to ensure that Relevant Persons meet fit and proper requirements. Assessments must ... Summary
Referred In :
International Financial Services Centres Authority (Payment Services) Regulations, 2024
Fit and proper compliance requires payment service providers to assess integrity, financial soundness, and specified regulatory disqualifications.
Payment Service Providers must establish effective systems and controls to ensure that Relevant Persons meet fit and proper requirements. Assessments must be conducted in the prescribed format at appointment and at reasonably regular intervals. Fit and proper status requires fairness, integrity, financial integrity, good reputation, character and honesty, together with the absence of disqualifications such as specified convictions, pending recovery proceedings, insolvency, financial unsoundness, wilful-defaulter status, regulatory restraints and fugitive-economic-offender status.
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