Regulatory Alerts2026-01-25 | BM 1226Added · Updated
Guidelines for Prepaid Card Issuance by Banks
Licensed banks in Oman must adhere to new guidelines for issuing prepaid cards, effective February 1, 2026, which replace the need for case-by-case Central Bank approvals. The rules mandate board-approved policies, EMV-compliant technology, and strict AML/CFT controls, including simplified due diligence limits of RO 350 for low-risk reloadable cards and RO 50 for non-reloadable closed-loop gift cards. Banks are required to implement robust transaction monitoring, fraud risk management, and specific limits for co-branded cards and third-party agent distributions.