Regulatory Alerts2021-05-05
Banks Relationship with Their Customers
The Central Bank of Kuwait issued a comprehensive regulatory framework outlining mandatory criteria and procedures for local and Islamic banks to govern their relationships with customers. The instructions require banks to ensure transparent contracting, accurate fee collection, strict data confidentiality, and standardized account opening processes for non-Kuwaiti employees. Additionally, the regulatory directives mandate the cessation of cash and in-kind incentives tied to credit facilities, the establishment of dedicated complaints units with automated tracking systems, and strict adherence to consumer protection standards.
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