Kuwait City: The Central Bank has directed that transactions above 3,000 dinars in Kuwait be reported on the same day. The move is part of a crackdown on money laundering and terrorist financing. From July 3, the central bank asked all regional banks to strictly adhere to the directive. The central bank has recommended daily reports of financial transfers of 3,000 dinars or more and deposits in local banks.
The directive applies to local transfers and international transactions. Transactions above the specified number, including holidays, must be accurately reported to the Central Bank. The Central Bank is preparing a special database for reporting transactions.
Each transaction that is credited to the customer’s account will be linked to the database. The central bank is implementing reforms to monitor transactions as part of its efforts to curb money laundering and terrorist financing.