Regulatory Alerts2023-08-08
Chapter Four: Instructions on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
The Central Bank of Kuwait issues updated AML/CFT instructions mandating exchange companies, local banks, and financing companies to implement comprehensive internal policies, risk assessments, and customer identification procedures. These regulations require entities to conduct enhanced due diligence for high-risk customers and Politically Exposed Persons, verify actual beneficiaries, and report suspicious transactions to the Kuwait Financial Intelligence Unit. Furthermore, the framework standardizes compliance monitoring, staff training, and periodic policy reviews to mitigate money laundering and terrorism financing risks across the financial sector.
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