Central bank impose fine on Money exchange companies

The central Bank of Kuwait has imposed fines ranging from KD 20,000 to KD 27,000 on five money exchange companies for violating its regulations on oversight, freezing of assets and money laundering, local daily Al Shahed reported quoting sources.

According to daily, central bank discovered that these money exchange companies allowed transferring of more than 10,000 KD without asking the sender to sign a declaration form to explain the source of money and the reason for transfer.

Daily said that the companies also violated the conditions for transfer through KNET which they categorized as non-cash payment, a violation of the central bank's directive to consider it cash payment.

A warning has been issued to three other money exchange companies, whose license will be withdrawn and premise will be shutdown if they repeat the violations.