Safeguarding of payment user funds requires timely protection, segregated escrow accounts, and strict controls over e-money issuance and use. Regular and Significant Payment Service Providers must safeguard Payment Service User funds through institutional liability undertakings, guarantees, ... Summary
International Financial Services Centres Authority (Payment Services) Regulations, 2024
Safeguarding of payment user funds requires timely protection, segregated escrow accounts, and strict controls over e-money issuance and use.
Regular and Significant Payment Service Providers must safeguard Payment Service User funds through institutional liability undertakings, guarantees, trust accounts, or other specified methods. Applicable funds must be held in separate escrow accounts with an IBU for each relevant payment service. E-money providers must maintain end-of-day escrow balances sufficient for outstanding e-money and payments due, limit escrow credits and debits to permitted purposes, and must not use e-money funds for lending, extend credit, pay returns, facilitate illegal activities, or permit cash withdrawal from e-wallets.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.