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Money Exchanges told to tighten scrutiny

KUWAIT CITY, Dec 16: The money exchange companies and the transfer of funds operating in Kuwait will circulate to all their employees the need to tighten the implementation of all the regulatory requirements issued by the Central Bank of Kuwait (CBK) and to ensure that all the conditions of the transfer operations are completed in order to verify the identity of customers and inquire about the source of funds and demand a copy of all necessary documents required for the transfers, reports Al-Qabas daily quoting reliable sources.

The sources pointed out that the circular came after the CBK inspected some branches of the exchange companies which used methods not commensurate with instructions issued by the CBK.

The daily added, the CBK employees posing as customers entered some exchange offices and discovered they did not comply with the CBK regulations. The sources said this comes within the framework of the recent efforts of the CBK to prevent money laundering and fi- nancing terrorism and Kuwait’s commitment to the UN conventions and the international standards in combating money laundering and terrorism financing.

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