Kuwait- CBK allegedly seeks 'report' on all cash flows from foreign currencies

Banking sources suggest two scenarios for request

KUWAIT CITY, Dec 6: Official sources revealed that the Central Bank of Kuwait has requested the banks to provide report showing all cash fl ows from foreign currencies originating from abroad, adding the report must include the list of names of clients and destinations of transfers that sum up to $100,000 and above, reports Al-Rai daily. They indicated that banks from now onwards must prepare report on foreign flows on an ongoing basis, noting 'these statements do not include flows coming in the local currency, but limited to the remitter in foreign currencies only. It also include the flows of companies and individuals.'

Sources did not explain the main reason behind the Central Bank's request for the banks to provide report on foreign flows and details of their owners in the event that the transfer amount to $100,000 or more, as the supervisory regulator did not give any reason. However, there are some banking explanations emerging in this regard that only remains analytical jurisprudence. In principle, it should be noted that the movement of foreign cash flows through Kuwait carried wide momentum in the years of economic prosperity when most local companies had foreign investment extensions, whether in the form of contributions to foreign companies or various projects.

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