Teacher’s Monthly Transfers Raise Eyebrows: Private Tuitions Or Illicit Gain?

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KUWAIT CITY, Jan 28: Kuwait educators in the private lessons sector are encountering increased financial scrutiny as banking systems heighten their reviews of transactions, with certain cases leading to accusations of “money laundering”.

The Banking institutions are meticulously examining financial transactions, particularly transfers from foreign banks, and expanding the scope of follow-ups. Unusual amounts, even on a one-time basis, may prompt inquiries, focusing on the customer’s ability to substantiate the legitimacy of funds through proper documentation.

A significant gap between deposited funds and recorded income is a noteworthy factor attracting attention. The nature of the customer’s profession, especially in the teaching sector, is subject to scrutiny. A notable case involved a teacher whose monthly transfers were approximately ten times his recorded salary. While investigations revealed the funds were from private tuitions, the client may still be referred to the “Investigation Unit” based on suspicions of “illicit gain.”

The sources of deposited funds, whether direct or through links, are under scrutiny and customers may be questioned about the source of funds, and failure to provide satisfactory explanations could result in referral to the Financial Investigation Unit. This is in addition to unusual cases which include instances like that of an “office boy” in a bank whose income exceeded his salary due to colleagues transferring funds for personal items. While the funds were considered secure, the worker was cautioned against accepting such transactions on a large scale.

As Kuwaiti banks adhere to strict regulatory and legal directives, teachers and other professionals are urged to prioritize transparency in their financial transactions to avoid accusations of money laundering. The ongoing scrutiny reflects a commitment to maintaining the integrity of financial systems and preventing illicit financial activities.

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