Regulatory Alerts2023-08-08
Central Bank of Kuwait Instructions on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
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 adherence to UN Security Council resolutions on terrorism and weapons of mass destruction proliferation financing. By superseding prior circulars, the framework standardizes identity verification, safe deposit box leasing procedures, virtual asset transactions, and high-risk jurisdiction management across all regulated financial entities.