Bank faces heavy fine for flouting rules

KUWAIT CITY, April 17: The Central Bank of Kuwait has slapped a KD 50,000 fine on a local bank for violating instructions issued by the bank on July 23, 2013, reports Al-Jaridah daily.

According to reliable sources the bank was found guilty of money laundering clauses and financing terrorism. The daily added, the same bank was found guilty of committing violations during the last financial year concerning loan expenditure that regulates the credit policy of the bank.

Sources said the Central Bank of Kuwait is keen to follow up the activities of the banks through regular field inspections and reports about any violations being committed especially money laundering and financing terrorism.

Check Also

International money launderers arrested

KUWAIT CITY: Two members of an international money laundering and fraud network have been arrested …

Translate »