[Kuwait] Government steps up anti-laundering measures with payroll tracking

In Kuwait, a system to monitor private-sector wage payments has been launched as the government steps up scrutiny of financial transactions, AGBI reports.

The Kuwait Wage Payment System (KWPS) is the latest move the government has made to combat money laundering and terrorism funding as it seeks to be removed from the Financial Action Task Force’s grey list.

The Central Bank of Kuwait unveiled the KWPS on September 28. It will reportedly create an integrated national platform for processing and monitoring wage transfers for private-sector employees through local banks. 

According to the central bank, this will enable wages to be disbursed electronically, securely and reliably.

In a statement, it said, “The system helps reduce manual procedures, improve data quality and facilitate data sharing among relevant authorities.”

Source: AGBI

(Link and quote via original reporting)

In Kuwait, a system to monitor private-sector wage payments has been launched as the government steps up scrutiny of financial transactions, AGBI reports.

The Kuwait Wage Payment System (KWPS) is the latest move the government has made to combat money laundering and terrorism funding as it seeks to be removed from the Financial Action Task Force’s grey list.

The Central Bank of Kuwait unveiled the KWPS on September 28. It will reportedly create an integrated national platform for processing and monitoring wage transfers for private-sector employees through local banks. 

According to the central bank, this will enable wages to be disbursed electronically, securely and reliably.

In a statement, it said, “The system helps reduce manual procedures, improve data quality and facilitate data sharing among relevant authorities.”

Source: AGBI

(Link and quote via original reporting)