Regulatory Alerts2003-08-18
Instructions Regarding Banks to Maintain the Confidentiality of Information and Data Concerning Their Customers
Issued by the Governor of the Central Bank of Kuwait, these instructions direct all local banks to strictly maintain the confidentiality of customer information and data in accordance with existing statutory obligations. The directive reinforces legal mandates under Law No. 32 of 1968 and Decree Law No. 39 of 1980, establishing that board members, officers, and employees face imprisonment, fines up to 225 Dinars, or dismissal for unauthorized disclosures. Furthermore, the instructions clarify that banks themselves bear legal and financial responsibility for such breaches, thereby safeguarding public confidence in the national banking system.
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