KUWAIT CITY, Nov 11: Banks in Kuwait have intensified monitoring of funds transferred through personal accounts as part of regulatory efforts to combat money laundering and terrorist financing, informed sources said.

The sources said financial institutions are now scrutinizing any unusual inflows into individual accounts, even if such transfers occur only once. The crackdown particularly targets commercial transfers conducted through services such as “Wamdh” or “links,” where amounts significantly exceed the customer’s recorded income under the bank’s “Know Your Customer” (KYC) data.

Sources explained that when deposited amounts are inconsistent with the account holder’s income, banks first investigate internally. If the account holder fails to provide a satisfactory explanation, the case is referred to the Financial Investigations Unit. This process ensures regulatory compliance and prevents the misuse of personal accounts for corporate or business-related transactions.

Officials emphasized that personal accounts should not be used for commercial transfers. Investigations have been launched against individuals found using personal accounts for transactions exceeding their declared income. In some cases, account holders acknowledged that the funds originated from employer earnings and signed pledges to refrain from using personal accounts for business transfers in the future.

The move reflects Kuwait’s ongoing commitment to strengthening oversight of financial activities and safeguarding the banking system from illicit practices.