The Department of Internal Affairs (DIA) released updated AML/CFT guidance on stored value instruments (SVIs) on 13 May 2025.

What are SVIs?

Stored value instruments are prepaid payment methods such as gift cards, prepaid debit cards, or digital wallets that hold a monetary value until used. The new guidance clarifies and expands AML/CFT obligations for businesses that issue, sell, or manage SVIs, ensuring these products are subject to stronger customer due diligence, record-keeping, and ongoing monitoring requirements.

What’s new?

• More detailed expectations on identifying and verifying SVI holders and purchasers.

• Enhanced requirements to maintain transaction records linked to customers.

• Clearer guidance on ongoing monitoring and suspicious activity reporting specific to SVIs.

• A reminder to incorporate these rules into your AML/CFT policies and procedures.

You can read the full guidance here: DIA AML/CFT Regulations for Stored Value Instruments (PDF)

Practical checklist to get started:

• Review your current SVI products and services to identify AML/CFT risks.
• Confirm how you collect and verify customer information for SVI holders.
• Check that transaction records for SVIs are complete and stored securely.
• Train your staff on the new SVI guidance and update your compliance manuals accordingly.
• Set up monitoring triggers specific to unusual or high-risk SVI activity.

If you have questions about how this guidance applies to your business or need assistance updating your processes, please get in touch with us.