KUWAIT CITY, Feb 4, (Agencies): The Financial Investigation Unit, which looks into money laundering and financing terrorism cases, has asked banks to tighten control over cash deposits through automated teller machines (ATMs), reports Al-Rai daily quoting informed sources.
In a recent meeting with the antimoney laundering and terrorism financing officials in banks, the unit stressed the need to open the banks’ eyes in monitoring ATM deposits, especially if such deposits are frequently done by specific persons. The unit also asked them to provide detailed reports, whether these operations are normal or suspicious.
Sources pointed out that cash deposits through ATMs may be used to launder suspicious funds and transfer them to bank accounts away from questions usually asked when making direct deposits that exceed KD 3,000 in banks to ascertain the source of funds. Deposits through ATMs can be up to KD 5,000 a day without any questions on the source of these funds