Regulatory Alerts2022-11-17
Center of Risks System and Implementation Regulations
The Central Bank of Kuwait established the Center of Risks System and its implementation regulations to standardize credit risk reporting for local banks, Islamic financial institutions, and investment companies. The framework mandates periodic submission of customer identification sheets and detailed credit facility statements, covering conventional cash and non-cash facilities alongside Sharia-compliant products like Murabaha and Musharaka. Financial institutions must report data for customers exceeding designated minimum thresholds within strict timelines, ensuring accurate tracking of liabilities, collateral valuations, and guarantor details across resident and non-resident accounts.
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