Regulatory Alerts2023-01-01
Circular No. 2/BS, IBS, FS, IFS, ES, PS/524/2023 on Instructions for Regulating Electronic Payment Funds
The Central Bank of Kuwait issued Circular No. 2/BS, IBS, FS, IFS, ES, PS/524/2023 to promulgate updated Instructions for Regulating the Electronic Payment of Funds, formally revoking Resolution 44/430/2018. The circular establishes comprehensive definitions, classifies electronic payment service providers into small and large categories based on capital thresholds ranging from KWD 50,000 to KWD 2,000,000, and mandates strict registration procedures, transaction ceilings, and compliance with anti-money laundering standards. All affected local banks, financing and exchange companies, electronic payment infrastructure service providers, and limited purpose e-money providers must implement these amendments within three months of the circular's publication in the Official Gazette.