Regulatory Alerts2022-03-14
Central Registration System for Customers Whose Accounts at Local Banks Were Closed
The Central Bank of Kuwait issued binding instructions establishing an automated central registration system to track customers whose local bank accounts were closed due to bounced checks. Local financial institutions must submit customer data and returned cheque records online through Oracle applications, effectively phasing out mail-based statements and mainframe submissions. The framework mandates account closures after three returned checks within a year, restricts new account openings or cheque book issuances for listed individuals, and requires written client consent.
Share