6 May 2021
Cambodia

National Bank of Cambodia issues new guidelines on payment services

On 26 March 2021, the National Bank of Cambodia (“NBC”) issued a new circular aimed at clarifying procedures and information required for payment service institutions to identify customers and to set limits on the daily transaction amounts allowed for each type of customer. The underlying objective of this circular is to further secure digital payment transactions by payment service institutions licensed to operate in Cambodia.

This circular follows the adoption of the Prakas on Payment Service Providers in 2017 and the recent adoption and establishment of the Bakong Payment System by the NBC, which is a centralised platform that allows customers to make bank transfers across banks and payment institutions.

Based on this new circular, the size of daily transactions permitted depends on the platform, the personal information provided by the customer and the stage of the payment service institution’s review of the customer’s information.

For transactions between bank accounts and other bank accounts through the “Bakong (Backbone)” system, the maximum daily transaction limits for customers which have undergone the full KYC review by banks and financial institutions are KHR 200 Million and USD 50,000.

The following requirements apply to transactions between:

  • Bakong accounts;
  • Bakong accounts and bank accounts or E-wallet accounts; and
  • E-Wallet accounts and other E-Wallet accounts or bank accounts

 

Customer ClassificationDaily Transaction Amount
A. Basic Customers: Customers who register through the online or mobile application but have yet to provide all the information as required by the member institution. The minimum information required is their phone number.KHR 2 Million and USD 500
B. Intermediate Customers: Customers who register through the online or mobile application and have provided all the information required by the member institution, but their information has not undergone the full Know Your Customer (“KYC”) review by the payment institution member. The requirements are:

  • Phone number;
  • Portrait photo; and
  • Photo of a valid National Identification Card or Passport.
KHR 12 Million and USD 3000
C. Full Customers:  Customers who register through the online or mobile application or at the payment institution’s registration desk, and have undergone a full KYC review by the payment institution member. The requirements are:

  • Phone number;
  • Portrait photo; and
  • Photo of a valid National Identification Card or Passport.
KHR 40 Million and USD 10,000

 

If you have any questions or require any assistance in relation to banking matters in Cambodia, please feel free to contact Khieu Mealy or Sin Soromnear at SokSiphana&associates.

This alert is for general information only and is not a substitute for legal advice.