Kuwait caps cash transactions at exchange firms to KD1,000 a day

Dubai: The Central Bank of Kuwait has lowered the maximum amount of cash that exchange companies may accept from customers in a single day to KD 1,000, down from KD3,000, as part of tighter regulatory measures to curb financial crime risks.

The new ceiling applies to all customer transactions at exchange firms, including foreign remittances and the buying and selling of currencies, according to people familiar with the matter, local media reported.

The move reflects the central bank’s efforts to reduce risks associated with cash dealings and to strengthen preventive supervision aimed at combating money laundering and the financing of terrorism, the sources said.

They stressed that the decision does not place a limit on the overall value of transfers or currency transactions carried out by customers. Amounts exceeding the KD 1,000 daily cash cap must instead be settled through bank account debits or other non-cash payment methods approved by the central bank.

Under the directive, exchange companies are barred from accepting cash payments above KD 1,000, or its equivalent in foreign currency, from any single customer within one day, the sources said.