Save Our Pak
A major update has been announced in Kuwait regarding digital money transfers and financial security.
According to new regulations, the Central Bank of Kuwait has made it compulsory for all exchange companies to use the “My Identity” application during international online transfers to verify user identity.
Foreign media reports say that under these new rules, exchange companies will not only have to verify customers through the app but also keep proper digital records of the verification process.
This decision is part of a wider government plan to improve transparency in the financial system and reduce fraud, especially in digital transactions.
Officials say the main goal is to stop illegal or unauthorized money transfers. The “My Identity” app will help protect users by ensuring that no one can steal data and send money without permission.
The system will confirm that the person making the transaction is the real account holder. This will increase trust between customers, financial institutions, and regulatory authorities.
The “My Identity” app also reduces the need to carry a physical Civil ID. It includes features like digital signatures, electronic authentication, and a digital wallet for official documents.
The app is linked with the Public Authority for Civil Information (PACI), which helps verify identities electronically.
The Central Bank has also instructed all money transfer providers to connect their systems with PACI. Many major exchange companies are already linked, while others have been asked to upgrade their systems within a given deadline.
Reported by Save Our Pak
