Regulatory Alerts2004-10-19
Instructions to Notify the Central Bank of Any Embezzlement of Banks' Funds
Issued by the Governor of the Central Bank of Kuwait, this directive requires all local banks to directly report any embezzlement cases along with the names of accused employees and judicial verdicts. Banks must additionally notify the Supervision Department of their main department managers and any personnel changes to facilitate ongoing regulatory contact. By establishing this direct reporting channel, the instruction eliminates reliance on delayed newspaper or unofficial sources and ensures timely oversight of financial misconduct.
33- INSTRUCTIONS TO NOTIFY THE CENTRAL BANK OF ANY EMBEZZLEMENT OF BANKS’S FUNDS
CHAPTER TWO: The Law, Supervisory & Regulatory Instructions & Controls
- Circulated to all local banks. 33- INSTRUCTIONS TO NOTIFY THE CENTRAL BANK OF ANY EMBEZZLEMENT OF BANKS’ FUNDS.
1 Zul-Qe’da 2, 1407 H June 28, 1987 GOVERNOR THE CHAIRMAN Instruction to notify the central bank of any embezzlement of banks’ funds* At times, cases of embezzlement occur at banks and are reported to the competent judicial authorities, while the Central Bank comes to know about such cases only through newspapers or from unofficial sources. You are, therefore, kindly requested to inform the Central Bank of any case of embezzlement occurring at your bank, and the names of employees accused of committing such crime, along with the verdict of the competent judicial authorities in this regard. You are also requested to advise the Supervision Department of the Central Bank of the names of your bank’s main Department Managers and of any change thereof, so as to facilitate contact with them regarding ongoing business between your bank and the Central Bank of Kuwait. With my best regards, SALEM ABDUL-AZIZ AL-SABAH