Bank Gift Card Rules Revised in Concord With AML Law

September 19, 2021
banking

T he Central Bank of has announced new regulations for issuing gift cards by banks compatible with the Anti-Money Laundering law.

Banks and credit institutions are allowed to sell gift cards only for customers who have a deposit account with the issuer bank, the CBI said in a press released published on its website on Saturday.

Banks are obliged to critically asses and identify risks before giving financial services and customers wanting to buy gift cards should present documents when applying.

'Banks need to keep track of the customers' ID and the gift cards sold so that transactions can monitored with ease.'

financialtribune



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