Kuwait has tightened rules governing money transfers through exchange companies, requiring customers sending more than KD 3,000 to provide bank statements. Under directives from the Central Bank of Kuwait, customers making such transfers must submit bank statements covering the previous two months, showing their account transactions. The measures are aimed at strengthening safeguards against money laundering and terrorist financing.
New restrictions also apply to cash remittances at exchange houses. Customers can transfer a maximum of KD 1,000 per day in cash, while amounts above this limit must be transferred through a bank account. The requirements are intended to allow financial institutions to better verify the source of funds and ensure that remittance amounts are consistent with customers’ income and financial activity.
Previously, bank statements were generally required for transfers exceeding KD 10,000 or transactions considered suspicious. The stricter requirements are part of efforts to strengthen financial transparency and align Kuwait’s regulatory framework with international Financial Action Task Force (FATF) standards. The Central Bank is also continuing inspections of exchange companies to ensure compliance with the regulations.
