Regulatory Alerts2022-01-03
Law No. 9 of 2019 Regulating the Exchange of Credit Information
Kuwait's Council of Ministers promulgated Law No. 9 of 2019 to establish a comprehensive regulatory framework for credit information companies and their exchange of consumer credit data. The legislation mandates that licensed companies obtain explicit customer consent before sharing credit records, requires financial and commercial institutions to provide accurate data, and places all supervisory authority under the Central Bank of Kuwait. It revokes the previous 2001 credit system law, imposes strict confidentiality rules and financial or administrative penalties for non-compliance, and ensures existing firms have six months to regularize their licenses.
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