Money exchange companies in Kuwait have introduced stricter documentation requirements for high-value money transfers. Customers sending more than KD 3,000 are now required to provide bank statements covering the previous two months. The measure is part of tighter checks aimed at preventing money laundering, terrorist financing and other illegal financial activities.
Exchange companies will examine whether the customer’s income, source of funds and transfer amount are consistent with each other. Previously, additional documents such as bank statements were generally required for transfers exceeding KD 10,000. The new requirement lowers the threshold to KD 3,000.
In addition to standard KYC (Know Your Customer) procedures, exchange companies may request further documents depending on the nature and value of the transaction. The stricter measures aim to improve financial transparency, verify the legitimate source of funds and strengthen Kuwait’s efforts to combat money laundering.
