The contracting entity is the individual or Juristic persons or Government entities that enter into the prepaid payment service contract with the IPM. Please note that for the purposes of these rules, the term ‘Contracting Entity’ may not in all cases be the same as the beneficial owner of the funds held on an account, sub account or electronic record supporting the prepaid payment instrument.

For a commercial prepaid product, the contracting entity will be the Juristic person which enters into the service agreement with the prepaid issuer.

For a retail prepaid product, the contracting entity can be the individual who is either the primary cardholder or legal guardian of the primary cardholder.

If the prepaid contracting entity (an individual or a Juristic person) has selected a multi account product (e.g. petty cash card, household cards), the contracting entity will be the primary cardholder and shall determine the value of the funds transferred to secondary card records (Note: secondary cards have no access to the funds on the primary cardholder record).

When the contracting entity is a governmental entity or a Juristic person, the due diligence processes related to KYC and AML for the cardholder (see 2.3 and 2.5) may be shared between the issuer and the contracting entity. However, the issuer remains responsible for satisfactory completion of the KYC and AML requirements in accordance with prevailing regulatory requirements