Requirements for an Operator Licence
The Central Bank of Belize (Central Bank) may grant a license to an applicant to operate a system if the Central Bank is satisfied that the below requirements are met, along with the access criteria. The Central Bank maintains the right to request additional information if necessary. To complete the application, the following information pursuant to section 8 (2) of the National Payment System Act, 2017 should be provided..
Steps to apply for an Operator licence
1. Information on shareholders, ultimate beneficial owners, directors and principal officers of the proposed payment service provider. The following information is to be provided:
a) Personal Declaration Form, and
b) Notarized copy of social security or passports.
2. Copy of Certificate of Incorporation.
3. Copy of Memorandum and Articles of Association.
4. Copy of Annual Return.
5. Audited annual reports for the prior two years, if applicable.
6. Payment of the application fee payable to the Central Bank of Belize.
OTHER APPLICATION REQUIREMENTS
1. Completed application form signed by the Chairman or President on behalf of the applicant operator.
2. A proposal, including but not limited to:
a) Type of system to be provided;
b) Description of its access criteria, that is safe and non-discriminatory;
c) Method of settlement;
d) The projected volume and value of payments likely to be processed in the system;
e) Propose rates for service offered;
f) Scope of usage of service;
g) Demonstrate that there is suitable and sufficient technical and organisational skills to operate a system including the proper mechanisms to achieve internal control and risk management as related to the operation of the system, including:
i. Administrative procedures;
ii. Risk Management procedures - provide a description of the provisions for handling digital risks including resiliency, cybersecurity, data privacy and delays or disruptions. Additionally, describe provision to mitigate legal, reputational, liquidity, credit, custody, and investment risks; and
iii. Accounting procedures.
h) Internal control mechanisms which the applicant has established in order to comply with obligations in relation to anti-money laundering and terrorist financing;
i) A description of measures in place to safeguard customer funds and to settle disputes.
3. Proper documented contracts and agreements for agents, branches outsourcing agreements, if applicable.
4. A copy of receipt of application fee of $500 paid to the Central Bank.
5. Satisfies any other condition the Central Bank considers necessary, and
6. Satisfy the Access Criteria Access Criteria for Direct Participation for Operators in the Automated Payment and Securities Settlement System (APSSS).
Email completed application form, personal declaration form, and supporting documentation to [email protected]
A confirmation of notice will be sent via email within 24 hours of submitted notification.
Non-Refundable Application Fee - $500.00
Initial Licence Fee - $10,000.00
Renewal Licence Fee - $5,000.00