01/09/2024
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01/09/2024
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KUWAIT CITY, Sep 1: Kuwait banks have started updating their systems to incorporate biometric fingerprint technology. This move is in preparation for imposing restrictions on the accounts of Kuwaiti citizens who fail to complete the fingerprinting process by the end of the granted deadline.
The bank's actions align with the approaching deadline of September 30, set by the Ministry of Interior, for citizens to provide their biometric fingerprints. Failure to comply by this date will result in the suspension of all their transactions with the Ministry of Interior.
According to the sources, the Central Bank of Kuwait has instructed banks to adhere to the ministerial decision regarding fingerprinting.
Accounts of non-compliant citizens will be restricted in four phases:
Accounts of non-compliant citizens will be restricted in four phases:
Sending Alert Messages: Banks will begin by sending notifications to all affected customers, urging them to complete the biometric fingerprint process within the specified timeframe. This initial step is expected to commence this week.
Blocking All Online Transactions: Starting September 30, electronic services for non-compliant customers will be suspended. This includes halting access to account balances, obtaining account statements, and transferring funds between accounts, effectively preventing online transactions.
Suspending Bank Cards: By October 31, all bank cards belonging to customers who have not completed the fingerprinting process will be deactivated.
Bank Accounts Frozen: Beginning December 1, a complete freeze will be imposed on all accounts of Kuwaiti citizens who have not complied with the fingerprinting requirement, along with their bank balances.
The sources noted that the restrictions will not be limited to bank balances. The ban is expected to extend to all accounts held by customers in financial markets, including shares, funds, portfolios, and other assets managed by private or government entities. Any proceeds from the sale of shares, real estate, or other commercial transactions will be transferred to the customers' frozen bank accounts.
Additionally, the sources indicated that installment payments due from customers with frozen accounts will likely continue to be deducted to satisfy creditors, whether they are financial institutions or government agencies.
