Regulatory Alerts2017-01-05
Proposed Amendments to the Authorisation Module for Ancillary Service Providers
The Central Bank of Bahrain proposes amendments to Module AU-1.2 of its Authorisation framework to authorize payment service providers to issue multi-purpose prepaid cards for point-of-sale, ATM, online, and remittance transactions. Licensees must cap individual account balances at BD200, limit total outstanding card values to 50% of core capital, secure a retail bank guarantee, ensure EMV compliance for plastic cards, and maintain PCI-DSS certification by December 2017. The regulatory changes also mandate periodic PCI audits, require accounts to be classified as dormant after three months of inactivity, and stipulate that payment settlements must be finalized within two business days.
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