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‘Execute clients money transfers abroad within 2 days’

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KUWAIT CITY, Jan 4: The Central Bank of Kuwait has instructed the money exchange companies to carry out transfer operations for their clients through correspondents abroad or global electronic transfer networks up to the second working day at the latest, reports Al-Rai daily. In its circular to the money exchange companies, the Central Bank pointed out that as per its supervisory role in the field of protecting the rights of clients, particularly the money transfer operations, they should:

1. Execute the clients’ money transfers abroad within two working days maximum. If the companies cannot do so, they should inform their clients. If the clients decide not to proceed with the transfer, the companies must immediately refund the money, including the transfer fees. These companies must comply with Clause 9/14 of the instructions on combating money laundering and financing terrorism.

2. The money exchange companies must ensure that the balance in their accounts with any of the correspondents or global electronic transfer networks is not less than the total value of the checks and transfers processed through such accounts.

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