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Wednesday , February 26 2020

CBK requests for monthly report from banks on money sent to local charities from abroad

KUWAIT CITY, Aug 21: Central Bank of Kuwait has requested all banks to submit a detailed list of money transfers made to charity accounts from overseas, reports Al-Qabas daily. It instructed the banks to submit these data on a monthly basis starting from this month.

In a circular, the Central Bank of Kuwait explained that the new action is based on an earlier circular whereby money cannot be transferred to the accounts of Kuwaiti charity organizations from overseas without a written approval from Ministry of Social Affairs and Labor for each transfer concerning the amount transferred and the foreign bank account that transferred the amount.

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