As the Financial Action Task Force (FATF) initiates its evaluation of Kuwait and its financial institutions’ commitment to combatting money laundering and terrorist financing, special attention has been placed on two key aspects: financial transfers and adherence to the 3,000 dinars cash ceiling, reported Al-Rai Daily.
FATF representatives have engaged with Kuwaiti government agencies to understand the protocols ensuring secure financial transfers to and from the country. Their inquiries also revolved around confirming that correspondent banks utilized in these transactions are free from association with restricted individuals.
Inquiries about local systems used for financial transfers include measures to identify banned individuals, triggering alerts, and customer engagement protocols. Additionally, the examination extends to Kuwaiti banks and exchange companies to verify compliance with the stipulated 3,000 dinars cash ceiling for transfers. Any potential violations of this regulation are also being investigated.
Sources indicate that FATF’s upcoming discussions with government bodies will focus on clarifications related to Kuwait’s corporate sector and regulatory oversight, indicating a comprehensive examination aimed at safeguarding the country’s financial integrity.
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