New group manages e-payment budgets
The article discusses new regulations issued by the Central Bank of Kuwait regarding accounting treatments for the financial statements of electronic payment service companies and electronic contracts. The aim is to enhance transparency and improve the presentation of financial accounts. This includes refraining from listing partners' current accounts as part of partners’ equity, classifying capital, reserves, and deferred profits under shareholders' equity, and categorizing partners' funds used to support capital under liabilities or partners' equity depending on their maturity dates, with a requirement for independent disclosure. Additionally, the new system mandates obtaining prior approval from the Central Bank before holding general meetings of the relevant companies. In terms of combating electronic financial fraud, entities such as money transfer companies and payment service providers are instructed to create dedicated corporate email addresses for receiving court orders, freeze notices, and account balance disclosures. This initiative is part of an advanced framework for managing financial fraud crimes, in coordination with security authorities.
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