LOCAL BANKS HAVE BEEN ORDERED TO SHARE THE INFORMATION OF CERTAIN INDIVIDUALS AND BUSINESSES

  • 27/04/2022

Kuwait City: According to reliable sources, the Central Bank of Kuwait has directed local banks to provide the financial records of multiple accounts belonging to a maritime equipment company, as well as the financial records of seven people dating back eight years.


They added that the Central Bank's request in this regard was based on the Public Funds Prosecution and Anti-Money Laundering Commission's request. The banks reported that they needed to supply the Public Prosecution with all of the necessary information on the company's and the seven individuals' accounts from January 1, 2014 until January 1, 2021. 

The sources did not explain the reasons behind the prosecution’s request to reveal the banking records of the targeted accounts, but they highlighted that the decision is related to the issue of inventorying funds.

In a related context, a circular was sent to banks to disclose the bank records of a company engaged in international trade, as well as the bank records of five citizens for a period of ten years.

The sources indicated that all the individuals, whose accounts are required to be disclosed, are related to the company in the same case.

The Central Bank, in the circular, stated that the financial records of the citizens in question should be of the period from January 1, 2012 until January 1, 2021. It stressed the need for banks to speed up the provision of the required data.

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