KUWAIT CITY, Nov 12: As part of regulatory efforts to combat money laundering and the financing of terrorism, bank officials have intensified their monitoring of funds transferred through the ‘Wamd’ and ‘Links’ services to the extent that they now inquire about any substantial amounts deposited into the accounts of customers, even if it involves a single transaction.

Sources told the daily that there has been a surge in strict oversight concerning the tracking and monitoring of commercial transfers conducted through personal accounts, whether via ‘Wamd or ‘Links’. Sources explained that any transfer amount inconsistent with the income level recorded in the bank’s ‘Know Your Customer’ (KYC) data, and which significantly exceeds it, subjects the account holder to an initial investigation by the bank.

Eight Kuwaiti banks feature in the Arab World’s top 100 with $367.7 billion in assets.

Sources said if the individual fails to provide convincing justifications, the case is referred to the Financial Intelligence Unit, particularly when the deposited sums are disproportionate to the customer’s declared income. Sources stated that personal accounts should not to be used for corporate or business-related transfers. They indicated that investigations have already been initiated against individuals whose financial transfers exceeded their income. “These individuals disclosed that the funds originated from their employers’ business revenues and were subsequently required to sign a pledge refraining from using their personal accounts for business transactions,” sources added.