regulation

CBK Instructions for Regulating Electronic Payment of Funds 2023

Issuing bodyCBK
CountryKuwait
RegionNational
Date issued2023
Electronic PaymentsFinancial RegulationCentral Banking

CBK Resolution No. 45/47/1 of 2023 introduces instructions regulating electronic payment of funds in Kuwait. It revokes the previous Resolution No. 44/430 of 2018 and defines key terms related to electronic payments, electronic money, and the operation of e-payment systems. The regulation aims to provide a framework for electronic payment activities within the country.

Key requirements
  • Enrollment in the CBK registry for activity service providers.
  • Compliance with the definitions outlined in Article 1 regarding electronic payments.
  • Implementation of the resolution by all concerned entities and departments within their respective fields of competence.
Applies to: Kuwaiti banks, branches of foreign banks registered with CBK, shareholding or limited liability companies involved in electronic payment activities.
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