AU-1.2.10A
When issuing any multi-purpose, electronic or otherwise, pre-paid cards, payment service providers must comply with the following requirements:
(a) The maximum balance limit under each natural person must not exceed BD2,500;
(bb) The maximum balance limit for each legal person must not exceed BD10,000 (Loading and transaction size).
(b) The payment service provider must obtain a bank guarantee of BD100,000 from a retail bank licensed in the Kingdom of Bahrain; instead of the bank guarantee amount required under Paragraph AU-4.1.12.
(c) Comply with all the requirements outlined under Module FC (Financial Crime);
(d) All pre-paid plastic cards must be EMV compliant (chip and PIN and online authentication);
(e) Any pre-paid card which is inactive for a period of six months must be placed in a dormant list; and
(f) All transactions on pre-paid cards must be made through the client money account with a retail bank in Bahrain (See also Chapter GR-15, Client Money Requirements).
Amended: April 2023
Amended: July 2022
Amended: January 2019
Amended: October 2018
Amended: October 2017
Added: April 2017
Amended: July 2022
Amended: January 2019
Amended: October 2018
Amended: October 2017
Added: April 2017