BANK KEEP EXTENSIVE RECORDS OF SUSPICIOUS TRANSACTIONS

  • 30/03/2022

Kuwait City: According to statistics based on official data, the banking and money exchange sectors are the most alerted to the existence of questionable transactions related to money laundering and terrorist funding operations. In six years, they accounted for 98 percent of the alerts monitored by the Financial Intelligence Unit. In the public and private sectors, the year 2018/2019 saw the highest number of alerts in the unit's history. 


According to the data, the Financial Intelligence Unit received 5,776 alerts on suspicions of money laundering and terrorist financing operations between 2014/2015 and the end of 2019/2020. With 1,687 notifications, the year 2018/2019 had the greatest rate of suspicion alerts, followed by the year 2019/2020 with 1059 alerts, the year 2017/2018 with 1,036 alerts, and the year 2016/2017 with 928 alerts. The year 2015/2016 ranked fifth with 740 notifications, while the year 2014/2015 ranked sixth with 326 alerts. The year 2020/2021 is predicted to see a new high in the number of alerts, possibly exceeding all previous years' totals. 

During the six-year study period, the unit received 98 percent of the alerts of suspicions of money laundering and terrorist financing from banks and money exchange companies, totaling 5,661 alerts, with 63 percent coming from banks (3,541) and 37 percent coming from exchange companies (2,120 alerts). Alerts from the banking sector raising suspicions about certain transactions increased over a six-year period. The year 2014/2015 received 180 notifications out of the 3,541 alerts sent over the six-year period, followed by the year 2015/2016, which garnered 528 alerts. In 2016/2017, there were 559 alerts, and in 2017/2018, there were 565 alerts. The number of alerts climbed to 996 in 2018/2019, then declined to 713 in 2019/2020.

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