Resources said the move is part of the central bank’s higher double tracking to further determine the extent of banks’ commitment to tracking transactions.
Kuwait City – The Central Bank of Kuwait has informed banks that, as of July 3, they will need to provide you with knowledge about money transfers in and out of Kuwait and deposits of money in local banks in the amount of 3,000 dinars or more, Al-Rai reports daily, showing CBK resources daily.
The resources said that the Central Bank has issued a circular to all banks stating that it has been identifying a database for reportable transactions (TRS) and related to each of the currency deposits made in accounts receivable (LCT) and executed currency transfers. in Kuwait to obtain consumer advantages (FCT), which are equivalent to or greater than 3 thousand dinars or its equivalent in foreign currency per day for a customer.
The resources indicated that this resolution is part of the construction of the double monitoring of the Central Bank to know more about the scope of the commitment of the banks with the tracking of unusual transactions, and explained that, to temporarily take advantage of the data that is required to be sent through the banks in accordance with the Directive in this regard, was that data receipt (TRS) for applicable knowledge of (LCT) and (FCT) deserve to be required no later than 10 a. m. from the day following the date of conclusion of the transaction, adding public holidays and public holidays, with the option of receiving the formula after transactions that have not been indexed through the unit within the predetermined period, as a result of technical errors or malfunctions that have caused it.
In addition, the bank must provide the justifications and clarifications that are in their origin to the Unit for Coordination and Monitoring of Information Systems of the Supervisory Sector of the Central Bank, since it is expected to take appropriate regulatory measures in the absence of compatible clarifications to the Central Bank in this regard. The resources said the central bank had in the past informed bank officials that it planned to create more teams in this regard, which would help build the capacity to investigate, track and analyze transaction patterns and habits.
The resources of the responsible banks expected the database of those transactions to expand compared to the figures that the Central Bank had collected years ago, especially before the creation of the Financial Intelligence Unit in 2013 to combat money laundering and the financing of terrorism. It should be noted that CBK officials had in the past held an in-depth assembly with the heads of the anti-money laundering and counter-terrorist financing departments, compliance and internal officials and specialists from local banks, with the aim of making arrangements to provide the supervisory regulator with new data.
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