ANNEX I: TRANSACTION LIMITS AND KYC/CDD/ADD REQUIREMENTS Customers Customer Maximum Transaction Category Tier limits Risk Mitigation Measures (Per day) Institutional Governance and Management Limit Amount Customer Verification Information Systems (Frw) Requirements (KYC/CDD) MIS Governance Tier I Segregation of transfers (Electronically duties and clear transactions: single system block 500,000 registered) Registered phone number approval procedures on exceeding limits e-money that are documented trail reports of account customer which Existence of a risk transaction of each match is integrated with mitigation Unit customer daily 1,000,000 Customer ID AML/CFT transfer compliance officer intelligent and reporting cash-in/out System AML/CFT transactions: 1,000,000 records of weekly Registered phone number Reporting of transactions auditable in balance and registered e-money suspicious MNO system NOTE: Maximum account customer transactions Transaction) statement sent transaction counts should Photo ID to customer and not exceed the maximum transfer limit 1,000,000 Tier II For mobile (e-money) (Handset (Electronically single transfers transactions:- registered plus Registered phone number physical mobile money registration and account customer Customer storage of daily 1,000,000 For stored value card documents in the transfer transactions: mobile money Registered card number; 1,000,000 customer Individual
ANNEX I: TRANSACTION LIMITS AND KYC/CDD/ADD REQUIREMENTS Customers Category Customer Tier Maximum Transaction limits (Per day) Risk Mitigation Measures Limit Amount (Frw) Customer Verification Requirements (KYC/CDD) Institutional Governance and Management Information Systems MIS Governance Individual Customer (Handset Transaction) Tier I (Electronically registered) single 500,000 transfers transactions: Registered phone number e-money account customer which match is integrated with Customer ID cash-in/out transactions: Registered phone number and registered e-money account customer Photo ID system block on exceeding limits trail reports of transaction of each customer intelligent System records of transactions auditable in MNO system statement sent to customer and Segregation of duties and clear approval procedures that are documented Existence of a risk mitigation Unit AML/CFT compliance officer and reporting AML/CFT Reporting of suspicious transactions daily transfer 1,000,000 weekly balance 1,000,000 NOTE: Maximum transaction counts should not exceed the maximum transfer limit Tier II (Electronically registered plus physical registration and storage of documents in the mobile money customer single 1,000,000 For mobile (e-money) transfers transactions:- Registered phone number mobile money account customer For stored value card transactions: Registered card number; daily transfer 1,000,000 1,000,000
DRAFT_REGULATION_GOVERNING_THE_ELECTRONIC_MONEY_ISSUERS_May_2016.docx