Regarding to the past years’ terrorist activities the European Union intorduced a new regulation to further reinforce the rules on anti-money laundering. In 2016 the EU accepted amendments to the Fourth Anti-Money Laundering Directive, which intends to complement the existing preventive legal framework by setting out additional measures to better counter the financing of terrorism and to ensure increased transparency of financial transactions and legal entities.
The new regulations affect the prepaid cards as well. That is why we would like to inform you shortly about the changes and effects which applied to all our cardholders from 26th of June.
The changes according the anonymous cards:
- The maximum balance on the card, the maximum loading amount is 150 EUR;
- The card can not be used for online purchases.
The changes according to SDD cards:
- The maximum balance on the card, the maximum loading amount is 250 EUR;
- The monthly maximum load is 250 EUR;
- The daily, monthly and POS transactions’ maximum spending limit is 250 EUR;
- The monthly ATM withdrawal limit is 100 EUR;
- The cards can be used only in the issuing country;
- There will be no option to order secondary card;
- The card can be used for online purchases only in the issuing country.
The new regulation doesn’t affect the prepaid cards in KYC status. The KYC process remains the same, you just need to upload your ID and proof of address. The fee os the KYC process remains the same as well.
The advantages of cards in KYC status:
- Higher spending, loading and balance limits available;
- Online purchases;
- The possibility to order secondary cards;
- Real time card to card money sending function;
- It can be used abroad, also at ATMs.
The new regulation came into force at the 26th of June of 2017. The Festipay will improve its’ services in order to make comfortable and easy the KYC process to the cardholders. Here you can find some basic information, Q&A:
- What should i do if I have SDD card?
- In case you want to use your card with the higher limits, for online purchases or abroad, you should do the identification, KYC process. You should make a photo with your phone from your ID and proof of address and upload them to the Cardholder Portal. We will do the identification in 24 hours.
- Does the KYC process have fee?
- Yes, it is 1880 HUF.
- What will happen to my secondary cards if they are in SDD status as my primary card?
- You should upgrade all cards to KYC.
- What should I do if my card is in KYC already?
- In that case you do not have to do anything.