Under the agreement the country's financial institutions (banks, investment firms, financial houses and insurance companies) have to report the contents of money accounts held by American citizens in Kuwait to the US Internal Revenue Service to ensure tax compliance.

US citizens owning US 50,000 or more in their bank accounts and US firms owning 250,000 or more in their accounts in Kuwait will have their finances reported to the Revenue Service by the Kuwaiti banks holding these accounts.

For 2014, Kuwait must send information about accounts of US citizens held by Kuwaiti financial institutions by September 2015.