IN THE FIGHT AGAINST LAUNDERING, CBK IS FOCUSING ON TRANSFERS

  • 29/04/2022

Kuwait City: The Central Bank of Kuwait has directed all banks to submit data on incoming and outgoing money transfers in order to combat money laundering and terrorism financing. The Central Bank said in a press statement issued on the sidelines of a recent meeting with the directors of anti-money laundering and financing terrorism departments, compliance and internal control managers, and experts from local banks that the banks must also submit data on cash deposits of KD 3,000 and above.


 It explained that its aim is to intensify follow up efforts for additional verification of the extent of the commitment to deal with unusual operations. The Central Bank is planning to create more tools that contribute to increasing the ability to query, follow up, and analyze patterns and behavior for unusual operations. The Central Bank disclosed that the review of procedures followed in this field and their periodic development is of particular importance in light of the its preparations for the joint assessment process for the State of Kuwait conducted by the Financial Action Task Force (FATF) in the field of combating money laundering and financing terrorism. It added this procedure will later include exchange companies to obtain the same data. 

In light of what has been reported in the media about money laundering operations, it confirms that the necessary measures will be taken on time and that all responsibilities entrusted in this regard will be fulfilled, and it is eager to verify the compliance of the bodies under his control with legal requirements and their full compliance with all the requirements mentioned in the instructions issued by the (Central) within the framework.

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