Regulatory Alerts2019-04-24
Added · Updated
Central Bank of Kuwait Instructions for Regulating Electronic Payment of Funds
The Central Bank of Kuwait has issued binding instructions establishing a comprehensive regulatory framework for electronic payment infrastructure providers and their agents. The directive mandates all operators to enroll in a central register and meet specific paid-up capital thresholds, requiring existing entities to regularize their status within twelve months of implementation. It further outlines strict obligations regarding anti-money laundering compliance, data confidentiality, risk management, daily transaction limits, and a dedicated regulatory sandbox for financial technology experimentation.