KUWAIT CITY, Apr 29: The Insurance Regulatory Unit has issued a new directive prohibiting all cash transactions across insurance operations under its supervision, in a move aimed at strengthening financial oversight and reducing risks of money laundering and financial crimes.

Under the decision, insurance payments and collections must now be carried out exclusively through approved digital and banking channels regulated by the Central Bank of Kuwait. The measure is designed to enhance transparency, tighten financial controls within the insurance sector, and prevent any attempts to conceal or manipulate the source of funds.
The regulation includes a limited exception for individual insurance documents issued at border crossings, specifically those covering non-Kuwaiti vehicles entering Kuwait.
Authorities said the decision forms part of broader national efforts to protect the financial system and reinforce anti-money laundering frameworks. It also aims to support regulatory bodies in improving compliance standards and safeguarding the national economy from illicit financial activities.