Regulatory Alerts2023-12-29 | Circular No. 4 of 2023Individual Stored Value, Day, and Transaction Limits for Customer e-Money Accounts
The Central Bank of Sri Lanka issued Circular No. 4 of 2023 to establish specific monetary limits for mobile phone-based e-money accounts under the Payment Cards and Mobile Payment Systems Regulations. The directive sets maximum stored value caps at Rs. 150,000 for enhanced KYC accounts and Rs. 20,000 for basic accounts, with daily transaction and withdrawal limits mirroring these respective thresholds. These regulations become effective on 01 January 2024 and require operators to enforce per-transaction limits equivalent to the account's individual stored value limit.
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