Regulatory Alerts2022-05-22
Ministerial Resolution No. 36 of 2019 on the Executive Bylaws of Law No. 9 of 2019 Regulating Credit Information Exchange
The Kuwaiti Minister of Finance, acting on the Central Bank of Kuwait’s proposal, issued executive bylaws that establish comprehensive licensing and operational frameworks for credit information companies. The regulations mandate strict data accuracy, secure automated systems, and a structured complaint resolution process requiring customers to file disputes within fifteen days while companies investigate and rectify errors promptly. Furthermore, the bylaws impose ongoing Central Bank supervision over data retention, service pricing, and risk management to ensure transparency and reliability in the national credit information exchange.
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