Money Exchanges to tighten customer scrutiny

The money exchange companies in Kuwait will tighten the implementation of all the regulatory requirements issued by the Central Bank of Kuwait (CBK) to verify the identity of customers and inquire about the source of funds, local media reported.

According to report, money exchanges will ensure that all the conditions of the transfer operations are completed in order to verify the identity of customers and inquire about the source of funds and demand a copy of all necessary documents required for the transfers.

This came after the CBK inspected some branches of the exchange companies which used methods not commensurate with instructions issued by the CBK. This comes within the framework of the recent efforts of the CBK to prevent money laundering and financing terrorism and Kuwait’s commitment to the UN conventions and the international standards in combating money laundering and terrorism financing.