Effective November 1, 2015 customers sending payments to Kuwait must quote the International Bank Account Number (IBAN) on all SWIFT MT103 commercial payments and transfers regardless of currency. (NOTE: This does not apply to MT202s/Bank Transfers where the SWIFT BICs are placed in the appropriate fields.)
A grace period has been granted until January 1, 2016 to allow customers to update systems and templates. Failure to provide an IBAN after January 1, 2016 will result in rejected or delayed transactions and payments may incur additional charges.
For more complete information and frequently asked questions concerning the use of an IBAN in Kuwait, please visit the IBAN page on the website of the National Bank of Kuwait.
Copyright © 2016 JPMorgan Chase & Co. All rights reserved.