👀Kuwait🇰🇼: The Central Bank strengthens oversight of electronic payment providers

👀Kuwait🇰🇼: The Central Bank strengthens oversight of electronic payment providers

Kuwait’s Central Bank has introduced a series of measures aimed at safeguarding the integrity of the country’s digital financial infrastructure and bolstering trust in electronic payment systems amid rapid sector growth.

What exactly is established❓

➡️ Providers are required to assume full legal responsibility to ensure that all documents and data uploaded via the Gateway System are authentic and valid. Violations may result in penalties according to Article 85 of Law No. 32/1968 (on currency and banking regulation).

➡️ Only the company’s legal representative (CEO) or an officially authorized employee (compliance officer) is permitted to submit these documents.

➡️ Companies must immediately notify the Central Bank of any termination of system-authorized users and promptly request the revocation of their access rights.

➡️ Original copies of all relevant documents—including criminal background checks for partners and candidates for managerial positions—must be retained and provided to the Central Bank upon request.

➡️ Service providers are also required to conduct annual reviews to confirm that board members and key personnel meet standards for solvency, integrity, and technical competence.

➡️Fact: Among the regulatory documents mentioned in the link are Article 33 of the “Central Bank Instructions for Regulating Activity in the Field of Electronic Payments” (management supervision requirements) and Article 27 (obligations for anti-money laundering and terrorism financing prevention, as per Law No. 106/2013 and FATF standards).

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