- A banking inquiry regarding whether the proceeds from the fines fund go to the Central Bank or KNET?

- 5 dinars if the transfer is delayed between 5 and 15 minutes

- A 10 dinar penalty will be imposed if a payment fails technically within 15 to 30 minutes.

- Delays in "Wamdh" transfers will be displayed directly on the KNET screen.

- The Central Bank aims to strengthen the infrastructure for app-based transfers using phone numbers. It is clear that the possibility of any technical failure in completing payment and instant money transfer transactions for individuals via the "Wamdh" service is no longer acceptable to the Central Bank of Kuwait, even in the most limited circumstances. The regulatory objective is now clear to all banks, forming a central slogan: "Strongly pushing for this type of digital transfer to become a 100% lifestyle without any technical challenges."

To reinforce this approach, Al-Rai has learned from informed sources that the Central Bank has instructed the automated banking services company, KNET, to establish a penalty list for banks that experience technical failures in processing their customers' payments via "Wamdh," which was launched in 2024 through KNET, with the participation of Kuwaiti banks, as a new 24/7 electronic payment service for individual customers. Regarding

the completion of the transfer , sources indicated that a financial penalty ranging from one to 20 dinars will be imposed on the service- providing bank for each payment transaction that fails technically due to the system, depending on time limits ranging from one minute to half an hour or more. The sources explained that, based on the KNET regulations for penalties related to technical failures of the "Wamdh" payment system, the bank whose payment system fails to complete the transfer will be fined one dinar for each transaction within a period of one to four minutes, five dinars for a failure between five and fifteen minutes, ten dinars for a failure between fifteen and thirty minutes, and twenty dinars for a failure of thirty minutes or more. They added that any technical failure of "Wamdh" transfers will appear directly on the KNET screen from the first minute... To read the full article, please click the "Read on the official website" button below.