Regulatory Alerts2023-08-08
Central Bank of Kuwait Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Instructions
The Central Bank of Kuwait issues comprehensive Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) instructions requiring local banks, financing companies, and exchange companies to implement risk-based customer due diligence, appoint senior compliance officers, and report suspicious transactions to the Kuwait Financial Intelligence Unit. These directives mandate board-approved internal policies, continuous staff training, and strict identity verification for deposit transactions and safe deposit box leases. Furthermore, the regulations align domestic operations with United Nations Security Council resolutions on terrorism and weapons of mass destruction proliferation financing while establishing clear protocols for high-risk jurisdictions and electronic correspondence.