Regulatory Alerts2021-09-30
Instructions to Finance Companies Regarding Internal Control Systems
The Central Bank of Kuwait issued comprehensive governance instructions requiring all supervised finance companies to establish robust internal control systems and independent board structures. The regulations mandate the creation of specialized committees, the publication of an annually updated governance manual, and a strict "comply or justify" framework for regulatory adherence. Furthermore, the directives link executive remuneration to long-term risk performance, enhance disclosure transparency, and require independent external auditors to formally evaluate internal control compliance.
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