Regulatory Alerts2018-01-01
Central Bank of Kuwait Instructions for Regulating Electronic Payment of Funds
The Central Bank of Kuwait has issued binding instructions to regulate electronic payment services, establishing a mandatory registration framework for infrastructure providers and their agents. The directive requires existing operators to regularize their status within twelve months, sets minimum capital thresholds of one million and twenty thousand Kuwaiti Dinars respectively, and mandates comprehensive risk management, anti-money laundering compliance, and a ten-year record-keeping period. It standardizes payment execution timelines, enforces fee transparency and strict data confidentiality, protects customers from unauthorized transactions upon timely notification, and introduces a regulatory sandbox to facilitate fintech innovation.
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