NINTH MEETING OF THE SECOND SESSION THE THIRTEENTH ANGUILLA HOUSE OF ASSEMBLY · 12 Aug 2026
Questions on Payment Systems and Services Bill
Good morning. Madam Speaker, the principal deficiency is that the Payment System Act of 2008 does not contain a comprehensive licensing regime for non-bank payment and settlement service providers. The existing legislation predates the sign…
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Questions on Payment Systems and Services Bill
Thank you for that question. Residents should benefit from a safer, more competitive and more inclusive payment services environment. The bill creates a legal pathway for reputable non-bank payment services providers to offer electronic pay…
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Questions on Payment Systems and Services Bill
Potentially, yes. One of the express functions of the central bank under the legislation is to promote financial inclusion. The bill allows regulated non-bank providers to offer payment accounts, electronic wallets and transfer services wit…
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Questions on Payment Systems and Services Bill
Yes. That is one of the financial inclusion possibilities contemplated under the bill. Section 144 establishes three classes of licensees: electronic funds transfer and settlement, electronic money and operator, and it allows the central ba…
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Questions on Payment Systems and Services Bill
The Act provides a number of protections and regulatory tools that are either absent from the original piece of legislation or not adequately developed within the existing Payment System Act. For example, it provides an explicit licensing f…
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Questions on Payment Systems and Services Bill
Thank you for that question. The bill defines a person as either an individual or a corporate body. However, the Payment Systems and Services regulations, the draft regulations, will stipulate that an applicant for a license must be a corpo…
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Questions on Payment Systems and Services Bill
The premier touched on that, so just repeating what she said: the simple answer is no. Western Union and MoneyGram provide money remittance services and are not within scope of the licensing regime established by this bill. Their activities…
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Questions on Payment Systems and Services Bill
This legislation principally expands the categories of service providers that will be able to offer services and operate within the payment systems landscape within Anguilla. It is principally about expanding access, so it will affect the f…
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Questions on Payment Systems and Services Bill
The bill creates the legal pathway through which an international digital payment company may apply to operate, but it does not automatically approve any named company. A company wishing to provide a covered payment service in Anguilla or t…
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Questions on Payment Systems and Services Bill
The bill expressly recognises foreign payment services providers, so foreign companies are not excluded. It does not impose a general requirement that every foreign provider must incorporate or establish a physical office within the ECCU. T…
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Questions on Payment Systems and Services Bill
The fees have not yet been confirmed. They are still being worked through. The fees will be established under regulations which are currently under review by member territories of the ECCU.
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Payment System and Services Act 2026 - Committee Stage
The fees have not yet been confirmed. They are still being worked through. Their fees will be established under regulations which are currently under review by member territories of the ECU.
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Payment System and Services Act 2026 - Committee Stage
Rules supporting interoperability and stronger protections should improve consumer confidence. A payment service provider licensed by the ECCB might access the wider ECU market rather than a market limited to Anguilla alone. That regional s…
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Payment System and Services Act 2026 - Committee Stage
Could you repeat the end of that?
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Payment System and Services Act 2026 - Committee Stage
Once the legislation is brought into force, the remaining item concerns the development and finalization of the regulations. As I mentioned earlier, they're currently in draft form and the regulations support the administration and operatio…
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