Kuwait: Central Bank mandates ceilings on links transfers

Kuwait: Central Bank mandates ceilings on links transfers

KUWAIT CITY: The Central Bank of Kuwait has issued instructions to all local banks to set a ceiling for the daily and monthly limits of transactions that a single customer can carry out using electronic payment links for individual customers (links), which belong to the businesses of electronic payment systems practitioners and their agents, reports Al-Rai daily.

In its instructions directed to banks, those who use the electronic payment systems and their agents, the Central Bank asked banks to take into account defining limits regarding electronic payment links for individual customers, in proportion to the degree of risks associated with these customers.

The CBK indicated that within the framework of the regulator’s keenness to tighten proper control over electronic payment business in Kuwait, and in light of increased fraud operations that take place on electronic payment services, and in an effort to reduce the risks arising from these operations and taking into account the requirements of anti-money laundering operations and terrorist financing, when providing the payment service via electronic payment links (Quick Pay) to individual customers, the following must be adhered to:

- Include the bank statement data, whether for the originator of the link (the sender) or the payer of the link