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       KUWAIT CITY, Feb 8: Local banks recently refused to receive cash from money exchange companies, causing confusion among the latter in terms of depositing their accumulated cash, reports Al-Rai daily quoting sources. Sources disclosed local banks have been strict in processing the cash transactions of these companies, up to the point of referring a dispute in this regard to the supervisory authorities.

       Sources said the money exchange companies were surprised when told they could not deposit cash to their accounts using the traditional method. When these companies asked the concerned officials in the banks, they were informed that it is prohibited to receive cash from exchange companies as part of the anti-money laundering and financing terrorism regulations, sources added.

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