AU-1.2.10A
Past version: Effective from 01 Oct 2018 to 31 Dec 2018
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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 individual customer pre-paid account must not exceed BD1,000 and the maximum single transaction value limit must not exceed BD500;
(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) and Module CL (Client Money);
(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;
(f) All transactions on pre-paid cards must be made through an escrow account with a retail bank in Bahrain.
Amended: October 2018
Amended: October 2017
Added: April 2017
Amended: October 2017
Added: April 2017