Regulatory and Compliance

The Regulatory and Compliance Department exists and is responsible for the development and maintenance of the legal, risk, compliance and disputes framework of PAN and does so through participation in and control of the change control procedures as well as to monitor compliance with the various rules and regulations of PAN and its committees.

The regulatory environment is constantly evolving, so the NPS compliance target is always moving as is the function of the department. The regulatory compliance deals with a set of guidelines as set by the Payment Systems Management Act, 2003 (Act 18 of 2003) and as amended to manage the NPS, to organize and to set standards on all matters that affect payment obligation and clearing and netting of payment obligation.

In addition the Regulatory and Compliance Department is also tasked to register, authorise persons that are not system participants as service providers and set requirements and conditions for participation.