Banks to report all money transfer above 3,000 dinar

Banks to report all money transfer above 3,000 dinar

Banks to report all money transfer above 3,000 dinar

The banks in Kuwait must provide the Central Bank of Kuwait with data of financial transfers in and out of Kuwait, and cash deposits with local banks that are equal to or more than 3,000 dinars, reports Al-Rai daily quoting CBK sources.

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According to report, this will be in effect starting from July 3rd.

The report added that the Central Bank has issued a circular to all banks that it was decided to establish a database for the transactions to be reported (TRS) and related to each of the cash deposits made to customer accounts (LCT) and money transfers executed to Kuwait for the benefit of customers (FCT), which are equal to or greater than 3 thousand dinars or its equivalent in foreign currencies per day for one customer.