January 5, 2022 banking

CBK obligates exchange companies to transfer money within 2 days

The Central Bank of Kuwait (CBK) has obligated exchange companies to carry out transfer operations of clients through correspondents abroad or through global electronic transfer networks, within up to a maximum of the second working day.

Al-Rai has learned that the Central Bank in a circular said in the context of its supervisory role of protecting the rights of clients of exchange companies, and in particular transfers clients, the exchange company must adhere to the following:

1 – Execute clients’ transfer abroad not exceeding the second working day, explaining that in the event of non-completion of transfer during that period, the client must be informed.

The circular clarified if the customer expresses his/her desire not to continue with the transfer procedures, the company is obligated immediately to refund the transfer value, including the transfer fees, in line with Clause 14/9 of the instructions issued regarding combating money laundering and terrorist financing.

2 – The exchange company’s obligation to ensure that its account with any of the correspondents or global electronic transfer networks is not less than the total value of the checks and transfers drawn on these accounts.


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