KUWAIT CITY - The Central Bank of Kuwait has instructed exchange companies to use the Kuwait Mobile Identity application to verify customers for all online overseas transfers, aiming to strengthen cybersecurity and improve transparency across the financial system.

According to informed sources, the new regulatory requirement obliges exchange firms to verify customer identities through the app and document each authentication process, ensuring that the individual initiating a transaction is the legitimate account holder. This step is designed to curb fraud and prevent unauthorized withdrawals that may occur through compromised applications or identity theft.

The initiative aligns with Kuwait’s broader push toward financial digitization, reinforcing secure digital infrastructure and expanding the use of advanced verification tools. By integrating the “Kuwait Mobile ID App” into transfer processes, authorities aim to provide greater assurance to customers, financial institutions, and regulators that transactions are conducted safely and legitimately.

Officials noted that the app enables citizens and expats to access services securely without physical civil ID cards, offering features such as digital signatures, identity verification, and secure document storage. Its use in financial transfers is expected to significantly reduce risks associated with cyberattacks and fraudulent activities.

The new framework also requires exchange companies to establish electronic links with the Public Authority for Civil Information to activate authentication services. While major exchange firms are already equipped with such systems, others have begun upgrading their platforms to comply within the timelines set by regulators.

Authorities emphasized that the move will not only improve governance and oversight of outbound financial transactions but also support the continued evolution of Kuwait’s digital economy, as financial applications become increasingly central to everyday banking and remittance services.

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