KUWAIT CITY, Oct 15: The Central Bank of Kuwait has 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 informed sources, 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. In this regard, a strict decision stipulates following up the list of violating companies and individuals directly online.
Meanwhile, the fined exchange company criticized the move taken by the Central Bank to impose a fine on it, insisting that the amounts in question were transferred throughout the year through K-Net and not by cash. It also denounced the decision, stressing that banks transfer huge sums of money without being fined unlike money exchange companies, which are always on the receiving end of fines. In other related news, the Central Bank ordered two local banks to pay fines exceeding KD 16,000 because they received counterfeits of the new bank notes without paying attention to the authenticity of the notes as a result of human error and inaccuracy of the electronic devices used for detecting fake bank notes.
By Rabab Al-Jowhari Al-Seyassah Staff