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Supreme Council of DAB Introduces New Regulations for Electronic Money Institutions

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Kabul, Afghanistan - The Supreme Council of Da Afghanistan Bank (DAB) has introduced new regulations for Electronic Money Institutions (EMIs), aimed at enhancing the country’s financial landscape and combating money laundering and terrorism financing.

Definition of an EMI

According to the new regulations, an EMI is defined as a legal entity that accepts banknotes, coins, or other means of payment in exchange for e-money, and facilitates the transfer of e-money to make payments. The institution will be responsible for ensuring the security and integrity of transactions, as well as complying with anti-money laundering and combating the financing of terrorism (AML/CFT) regulations.

Guidelines for EMI Operations

The Supreme Council has also issued guidelines for EMI’s operations, including requirements for:

• Registration: EMIs must register with DAB and obtain a license to operate in Afghanistan.
• Reporting: EMIs will be required to submit regular reports to DAB on their activities and transactions.
• Record-Keeping: EMIs must maintain accurate records of all transactions and keep them available for inspection by DAB.

AML/CFT Compliance

To support the implementation of these new regulations, the Supreme Council has provided guidance on AML/CFT compliance, as well as training for EMI’s staff. The council has also established a framework for monitoring and supervising EMI’s activities.

Significance of New Regulations

The introduction of these regulations is seen as a significant step forward in promoting financial stability and security in Afghanistan. It will help to reduce the risk of money laundering and terrorism financing, while also providing a safe and secure environment for electronic payment transactions.

Additional Resources

For more information on the Supreme Council’s regulations and guidelines, please visit the following websites:

• Ministry of Justice: www.moj.gov.af
• Da Afghanistan Bank (Central Bank): www.dab.gov.af
• Attorney General’s Office: www.ago.gov.af
• Financial Intelligence Unit: www.fintraca.gov.af

References

1. International Monetary Fund (IMF), 2011. “Islamic Republic of Afghanistan: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism.”
2. Da Afghanistan Bank, 2015. “Amendments of Anti-Money Laundering and Proceeds of Crime Law.”
3. International Centre for the Resolution of Investment Disputes (ICRG), 2012. “Action Plan.”
4. Financial Action Task Force (FATF), 2012. “The FATF Recommendations.”
5. Ministry of Justice, 2017. “Penal Code.”
6. Ministry of Justice, 2010. “Law on Protection of Competition.”

Endnotes

1-18: The Supreme Council has provided references to relevant laws and regulations, as well as international conventions and guidelines.