The Central Bank of Kuwait has made a new decision to improve security and expand digital finance.
It has made it compulsory for all of the exchange companies to use the “My Identity” app to verify customers during international online transfers.
Kuwait online money transfer rules
According to the reports, these exchange companies have to verify users through the app and also keep proper records of the process of verification.
The main purpose of this step is to make the financial system more transparent. It will also help to reduce fraud. This is especially in digital transactions.
The “My Identity” app will help protect users from unauthorised transactions. It will also help to stop others from using someone’s data to send money without their knowledge.
Verification through the app will confirm that the person making the transaction is the real account owner. This will build trust for customers, financial institutions, and for the regulators too.
The “My Identity” app also removes the need to carry a physical Civil ID. It offers parts like digital signatures, electronic verification, a digital document wallet, and a digital version of the Civil ID as well.
The Central Bank of Kuwait has also told all money transfer companies to connect with the Public Authority for Civil Information (PACI).
Large exchange companies are already connected to it, and others have to upgrade their systems within the given time.
Kuwait announces big decision on citizenship
Kuwait has made a major decision to cancel the citizenship of 172 people.
The decision was published in the official gazette as part of ongoing efforts to check and verify citizenship records in the country.
Officials have said that this step is part of a wider campaign to make sure that all citizens follow national laws and rules.
According to the details, citizenship was cancelled under laws that allow it in certain cases. Such as when it has been gained through fraud, false information, or violation of legal conditions.
