Regulatory Alerts2022-06-06
Added · Updated
Law No. 23 of 2010 Regarding Commercial Activity
Law No. 23 of 2010 establishes the legal framework for commercial banking operations in Kuwait, covering cash deposits, securities deposits, safe deposit rentals, bank transfers, credit facilities, documentary credits, bill discounting, guarantee letters, secured loans, and current accounts. It defines the rights and obligations of banks and customers, including rules on account statements, joint accounts, seizure of safe deposit boxes, and the independence of documentary credits. The law also sets specific procedures for handling insufficient funds, beneficiary bankruptcy, and the termination of contracts for non-payment or expiration.
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