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The Central Bank issues instructions regarding prepaid cards (documents)
May 21 11:20
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https://almaalomah.me/news/economy/البنك-المركزي-يصدر-تعليمات-بخصوص-بطاقات-مسبقة-الدفع-وثائق
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[Partial and approximate translation]
Date: 2023/05/21
To / all banks
All electronic payment service providers
Issuance of prepaid cards (2:05:copyright: by Omaart
In light of the directions of this bank in publishing electronic payment tools and adopting payment systems in financial transactions in order to Increasing financial inclusion and providing local and international financial and banking services to all segments through the use of cards Prepaid faye Bel ye ae (Prepaid Cards) Know your customer and better compliance rules International practices as part of the role of this bank to enhance the security and safety of prepaid card operations while ensuring the possibility its accessibility and usefulness to users;
Your institutions must adhere to the following controls:
1. The maximum balance of prepaid cards shall be (10) million Iraqi dinars or its equivalent in other currencies.
2 The monthly recharge limits for prepaid cards are (10) million Iraqi dinars, and it is your responsibility to refuse any transactions Reload the card that exceeds the maximum balance mentioned above.
3. Set a maximum limit for daily and monthly card transactions as follows:
- Determine the value of withdrawals via automated teller machines (ATM) to be ($300) per day or the equivalent in currencies Others, provided that cash withdrawals do not exceed ($3,000) per month.
- Determining purchases through points of sale to be (750 dollars) per day or its equivalent in other currencies and not
4. Banks and electronic payment service providers licensed by this bank are allowed to issue and recharge (prepaid) cards payment) and granting the exchange companies of Finneh By A and their branches exclusively marketing and selling these cards for the benefit of the issuing party
And it is repackaged and all entities not licensed by this bank are prohibited from practicing the above activity as of 7/15/2023.
5. Prohibition of types of transactions according to the trader’s technical codes (0:40) related to high-risk financial activities; We include in below codes
(MCC) handle it (-4829-5094-5932-5933-5944-5960-5972-6012-6050-6051
diy (6211-6300-651 3-6532-6533-6534-6536-6537-6538-6540-7012-7995 8398)
Details link.
6. All issuing entities have the right to issue one active prepaid card to the same customer after submitting the supporting documents (the identity of the holder card / passport) taking into account that the customer's name is affixed to the card, and it is not allowed to issue and reload cards to anonymous persons without Submission of supporting documents.
7 Taking due diligence procedures when issuing and reloading by card issuers in accordance with the controls Issued by this bank and the applicable Anti-Money Laundering and Terrorist Financing Law and the instructions and controls issued pursuant thereto:
And report any suspicious activity to the competent authorities (Anti-Money Laundering and Terrorism Financing Office) for the purpose of assistance Early detection and containment of illegal activity.
8 It is your responsibility to conduct regular reviews of prepaid card transactions and take additional actions regarding customers Those who frequently use their prepaid cards for purchases, cash withdrawals, or conducting pattern transactions Invalid according to the scenarios specified by the Anti-Money Laundering and Counter-Terrorism Financing Office.
9. Providing awareness programs for your customers about the risks associated with prepaid cards and how to use them safely.
10. Cards linked to mobile wallets are treated as prepaid cards and the same terms and conditions apply to them contained in this uncle.
11. Cards issued before the date of issuance of this uncle and do not bear a name shall be effective until the date of 1/8/2023 or the depletion of their balance Or whichever is earlier, and it is not re-packaged, and the limits referred to above and the aforementioned trader’s art codes apply to it and to banks.
The companies will take the necessary measures to replace them under this decree.
To work and adhere to what came above..with appreciation.
Agency governor
2023/05/1?
copy to/
- Association of Iraqi Private Banks / for your kind information..with appreciation.
- Governor's office / for your information..with appreciation.
- Legal Department/ for your kind information..with appreciation.
- Department of Investments and Foreign Transfers / For your information, with appreciation.
- Banking Control Department / for your kind information..with appreciation.
- Department of Accounting / for your kind information..with appreciation.
May 21 11:20
https://media.almaalomah.me/archive/image/2023/5/21/9456e950-acab-4be9-873b-650670d3667d.jpg
https://media.almaalomah.me/archive/image/2023/5/21/3456211c-e690-4783-b772-fa9eb32b71ab.jpg
https://almaalomah.me/news/economy/البنك-المركزي-يصدر-تعليمات-بخصوص-بطاقات-مسبقة-الدفع-وثائق
~~~~~
[Partial and approximate translation]
Date: 2023/05/21
To / all banks
All electronic payment service providers
Issuance of prepaid cards (2:05:copyright: by Omaart
In light of the directions of this bank in publishing electronic payment tools and adopting payment systems in financial transactions in order to Increasing financial inclusion and providing local and international financial and banking services to all segments through the use of cards Prepaid faye Bel ye ae (Prepaid Cards) Know your customer and better compliance rules International practices as part of the role of this bank to enhance the security and safety of prepaid card operations while ensuring the possibility its accessibility and usefulness to users;
Your institutions must adhere to the following controls:
1. The maximum balance of prepaid cards shall be (10) million Iraqi dinars or its equivalent in other currencies.
2 The monthly recharge limits for prepaid cards are (10) million Iraqi dinars, and it is your responsibility to refuse any transactions Reload the card that exceeds the maximum balance mentioned above.
3. Set a maximum limit for daily and monthly card transactions as follows:
- Determine the value of withdrawals via automated teller machines (ATM) to be ($300) per day or the equivalent in currencies Others, provided that cash withdrawals do not exceed ($3,000) per month.
- Determining purchases through points of sale to be (750 dollars) per day or its equivalent in other currencies and not
4. Banks and electronic payment service providers licensed by this bank are allowed to issue and recharge (prepaid) cards payment) and granting the exchange companies of Finneh By A and their branches exclusively marketing and selling these cards for the benefit of the issuing party
And it is repackaged and all entities not licensed by this bank are prohibited from practicing the above activity as of 7/15/2023.
5. Prohibition of types of transactions according to the trader’s technical codes (0:40) related to high-risk financial activities; We include in below codes
(MCC) handle it (-4829-5094-5932-5933-5944-5960-5972-6012-6050-6051
diy (6211-6300-651 3-6532-6533-6534-6536-6537-6538-6540-7012-7995 8398)
Details link.
6. All issuing entities have the right to issue one active prepaid card to the same customer after submitting the supporting documents (the identity of the holder card / passport) taking into account that the customer's name is affixed to the card, and it is not allowed to issue and reload cards to anonymous persons without Submission of supporting documents.
7 Taking due diligence procedures when issuing and reloading by card issuers in accordance with the controls Issued by this bank and the applicable Anti-Money Laundering and Terrorist Financing Law and the instructions and controls issued pursuant thereto:
And report any suspicious activity to the competent authorities (Anti-Money Laundering and Terrorism Financing Office) for the purpose of assistance Early detection and containment of illegal activity.
8 It is your responsibility to conduct regular reviews of prepaid card transactions and take additional actions regarding customers Those who frequently use their prepaid cards for purchases, cash withdrawals, or conducting pattern transactions Invalid according to the scenarios specified by the Anti-Money Laundering and Counter-Terrorism Financing Office.
9. Providing awareness programs for your customers about the risks associated with prepaid cards and how to use them safely.
10. Cards linked to mobile wallets are treated as prepaid cards and the same terms and conditions apply to them contained in this uncle.
11. Cards issued before the date of issuance of this uncle and do not bear a name shall be effective until the date of 1/8/2023 or the depletion of their balance Or whichever is earlier, and it is not re-packaged, and the limits referred to above and the aforementioned trader’s art codes apply to it and to banks.
The companies will take the necessary measures to replace them under this decree.
To work and adhere to what came above..with appreciation.
Agency governor
2023/05/1?
copy to/
- Association of Iraqi Private Banks / for your kind information..with appreciation.
- Governor's office / for your information..with appreciation.
- Legal Department/ for your kind information..with appreciation.
- Department of Investments and Foreign Transfers / For your information, with appreciation.
- Banking Control Department / for your kind information..with appreciation.
- Department of Accounting / for your kind information..with appreciation.
