KUWAIT CITY, Aug 22: Kuwait exchange companies have reduced the maximum limit for personal money transfers made through their web applications, with some companies setting a daily ceiling of KD 3,000 per transfer, down from as much as KD 10,000 previously. Other exchange companies have lowered their online transfer limit to KD 2,500.

The reductions, amounting to about 70 to 75 percent, are part of measures aimed at strengthening financial controls and improving security around digital money transfers. The tighter limits come as the use of exchange-company apps expands, with authorities and companies seeking to reduce the risks of fraud, theft of customer data, money laundering and unauthorized transactions.

Exchange companies have also strengthened procedures for verifying the purpose of transfers, supporting documents, customer identities, beneficiaries and the source and direction of funds. The new limits apply to personal transfers made through electronic applications by both citizens and residents.

Higher-value transfers can still be made directly at exchange-company branches, subject to the required verification and compliance procedures. In-person transactions allow staff to verify the customer's identity, bank account ownership, source of funds, purpose of the transfer and beneficiary, helping reduce the risk of fraudulent or impersonated transactions.