Money exchange fined for transferring large amount

The Central Bank of Kuwait fined a local money exchange company KD 15,000 for transferring an amount of KD 12,000 through K-Net to one of its customers who works in a ministry.

According to local report, money transfers have clear procedures and instructions that should be followed. When a customer is under suspicions or in case of the occurrence of any uncharacteristic or suspicious transactions, the concerned authorities inform the financial investigations unit of the Central Bank. This is in line with the international resolutions related to anti-money laundering and combating terrorism.