Regulatory Alerts2019-04-24
Instructions for Regulation of the Electronic Payment of Funds
The Central Bank of Kuwait issued Resolution No. 44/430 of 2018 to establish a comprehensive regulatory framework governing electronic payment infrastructure providers and their agents. The instructions mandate that all electronic payment operators enroll in a dedicated CBK register, meet minimum capital thresholds of one million Kuwaiti Dinars for infrastructure providers and twenty thousand for agents, and submit detailed applications covering risk management, anti-money laundering compliance, and operational procedures. Existing operators must regularize their status within twelve months, while the framework introduces a regulatory sandbox to facilitate fintech innovation and ensures strict confidentiality, standardized transaction processing, and clear dispute resolution mechanisms for customers.