This CBK regulation compiles circulars related to electronic payment services in Kuwait. It addresses various aspects of electronic payments, including fraud reporting, fee structures, payment links, BNPL services, cybersecurity, AML/CFT, and the use of POS devices. The regulation aims to provide guidance and controls for electronic payment service providers and related entities.
Key requirements
- Local banks and EPIPs must submit card fraud reports.
- EPIPs and their agents are prohibited from collecting fees from end users.
- E-Payment Service Providers must adhere to minimum cybersecurity and business continuity requirements.
- Regulated entities must adhere to AML/CFT instructions.
- Local banks must implement measures for protection of customers from electronic fraud.
Applies to: Local Banks, Electronic Payment Infrastructure Providers (EPIPs), E-Payment Service Providers, E-Money Service Providers, E-Payment Service Operators, Financing Companies, Large Electronic Money Service Providers, Limited Purpose E-Money Providers in Kuwait