KUWAIT CITY, April 11: 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 (the receiver), and clarify the name of the other party in full and the name of the bank according to the card data.
■ The validity of the payment link shall not exceed 24 hours.

■ Setting a ceiling for daily and monthly limits for the value of transactions that a single customer can carry out using the payment link, taking into account setting limits commensurate with the degree of risks associated with customers, in addition to the need to obtain prior approval from the Central Bank of Kuwait on those limits.
■ Include in the link sent the full name of the link creator and the purpose of the payment.
■ Continuous follow-up of the operations carried out through payment links, setting up the mechanisms, procedures and controls necessary to detect fraud, activating continuous monitoring through anti-fraud systems, and intensifying awareness campaigns in various communication channels.