Bank statement alerts for transfers over 3,000 dinar
The article focused on Kuwait's efforts to strengthen the fight against money laundering and terrorist financing, particularly through measures taken by currency exchange companies to monitor and analyze sources of funds. Changes were implemented requiring clients whose transfers exceed 3,000 dinars to provide a bank statement for the past two months, aiming to improve data accuracy and ensure that the funds align with the client's actual income. Additionally, the Central Bank of Kuwait increased on-site inspections to reduce violations. Kuwait has made progress in meeting the standards of the Financial Action Task Force (FATF), with its rating elevated to "Mostly Compliant" through legislative and regulatory reforms that enhance transparency, develop sanctions, and improve the framework for sanctions related to terrorism. These measures strengthen compliance with international standards and reduce the likelihood of funding illegal activities.
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