Exchange companies in Kuwait have moved to reduce the maximum limits for personal money transfers carried out through their digital applications, as part of broader efforts to strengthen financial monitoring and reduce the risks associated with the misuse of electronic channels.

Some companies have reduced the daily transfer ceiling from KWD 10,000 to KWD 3,000, while others have lowered the maximum online transfer limit to KWD 2,500. The changes are also accompanied by stricter requirements for verifying customers’ income sources and the purpose of their transfers.

The new limits do not mean that all customers previously had access to the same maximum transfer amounts. Higher-value online transfers were already subject to customer classification and additional requirements, particularly for customers categorized as preferred or high-value clients.

In such cases, customers may be required to provide bank statements or other documents proving the source of funds, allowing exchange companies to determine whether the value of the transfers is consistent with the customer’s declared income under know-your-customer procedures. Additional sources of funds, including loans, savings or acceptable cash deposits, may also require supporting documentation.

The tighter limits come as exchange companies have increasingly relied on financial technology and digital applications to attract customers by offering faster, easier and more convenient transfer services. However, the growing use of these channels has also increased concerns over fraud and the potential misuse of electronic financial services. As a result, some companies have reduced their previous daily transfer limits by as much as 75%, while also increasing operational and compliance checks concerning the purpose of transfers and the documents required from customers. The measures apply to online transfers carried out by both citizens and residents.

The measures are also linked to the broader regulatory role of the Central Bank of Kuwait in supervising banks, exchange companies and other regulated entities. The regulator’s framework is designed to ensure that new financial products and services operate under appropriate controls while protecting customers’ funds and personal data.

Lower online transfer limits can provide an additional layer of protection against financial fraud, particularly in situations where criminals gain unauthorized access to digital applications or banking information and attempt to move funds before the account holder becomes aware of the transaction.

The regulatory measures also aim to reduce the potential misuse of digital channels for money laundering and other unlawful financial activities. Transactions conducted directly at exchange company branches allow staff to verify the identity of the person carrying out the transaction, examine supporting documents and assess the stated purpose of the transfer.

Kuwait has previously introduced other restrictions, including reducing the maximum cash payment amount that exchange companies are required to accept from KWD 3,000 to KWD 1,000 per customer per day for currency buying and selling transactions. Some exchange companies also require bank statements when individual transfers exceed specified thresholds and require customers to authenticate online transactions through the Kuwait Mobile ID system, adding further safeguards for customers and the financial system.