KUWAIT BANK PROHIBIT MONEY EXCHANGE COMPANIES CASH DEPOSITS

  • 09/02/2022

Kuwait City: Local banks have refused to accept cash from money exchange companies, causing the latter to be unsure where to deposit their amassed funds. According to sources, local banks have been tight in processing these organisations' cash transfers, to the point of sending a dispute to supervisory authorities.


Money exchange organisations, according to sources, were taken aback when told they couldn't deposit cash into their accounts using the customary approach. According to sources, when these companies questioned concerned bank authorities, they were told that receiving funds from exchange companies is forbidden under anti-money laundering and counter-terrorism legislation.

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