On June 11, 2024, the Kuwaiti Cabinet issued Resolution No. 552, which mandates the transfer of supervision and regulation of money exchange shops from the Ministry of Commerce and Industry to the Central Bank of Kuwait. This significant transition aims to enhance the oversight of financial institutions involved in currency exchange operations across the country.

Following the Cabinet's decision, the Central Bank of Kuwait introduced Ministerial Resolution No. 233 of 2024, outlining updated regulatory requirements for money exchange companies and institutions. The new resolution aims to ensure greater compliance with financial standards, enhance transparency, and address potential risks in the financial sector.

Under the new regulatory framework, companies holding licenses for money exchange operations are required to adhere to the updated regulations. They have until March 31, 2025, to ensure full compliance with the new requirements.

The Ministry of Commerce and Industry has stated that it will suspend and prohibit the commercial activities of any institutions or companies failing to meet the regulatory requirements by the deadline. This step highlights the importance of adhering to the new regulatory framework set by the Central Bank of Kuwait.

The transfer of regulatory authority to the Central Bank of Kuwait is a crucial step in strengthening the financial sector’s oversight. Money exchange institutions must meet the specified deadlines to avoid penalties and ensure their operations are in line with the updated regulations.