There are no limits on Full business KYC/CDD Automatic system Segregation of Tier VI (Businesses transactions. The Central Merchant Identification on delayed float duties and clear registered as Bank after consultation Number liquidation approval procedures merchants with the e-money issuers, may Audit trail reports of that are documented full KYC/CDD time to time set the limits transaction of each agent Existence of a risk Documentation by Directive. Alerts mitigation Unit and agreements The balances AML/CFT intelligent AML/CFT with clear terms shall be liquidated twice System compliance officer for merchant a week. Electronic records of and reporting ship. Copies transactions auditable in AML/CFT retained in system Reporting of registry) Electronic statement sent suspicious to customer and merchant transactions Merchants
Merchants Tier VI (Businesses registered as merchants with full KYC/CDD Documentation and agreements with clear terms for merchant ship. Copies retained in registry) There are no limits on transactions. The Central Bank after consultation the e-money issuers, may time to time set the limits by Directive. The balances shall be liquidated twice a week. Full business KYC/CDD Merchant Identification Number Automatic system on delayed float liquidation Audit trail reports of transaction of each agent Alerts AML/CFT intelligent System Electronic records of transactions auditable in system Electronic statement sent to customer and merchant 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
DRAFT_REGULATION_GOVERNING_THE_ELECTRONIC_MONEY_ISSUERS_May_2016.docx