KUWAIT, May 20: The Kuwait Banking Association affirmed the keenness of Kuwaiti banks to fully comply with all provisions of Law No. 106 of 2013 issued regarding combating money laundering and terrorist financing and the instructions issued by the Central Bank of Kuwait in this regard.
The Federation said in a press statement today, Wednesday, regarding the procedures for money laundering and terrorist financing applied by local banks that violating the provisions of the aforementioned law and the instructions issued in this regard result in financial penalties up to a maximum of 500 thousand Kuwaiti dinars (more than $ 1.6 million).
The fight against money laundering operations and monitoring and reporting suspicious transactions or transfers comes at the forefront of the interests of Kuwaiti banks and has invested huge sums to implement the latest automated systems used in this field.
Kuwait banks continue in this direction, believing in the importance of keeping abreast of technical and financial developments in order to preserve the reputation of the Kuwaiti banking sector and fortify its external banking relations.
The banks apply strict due diligence procedures by dealing with clients from politically exposed persons who occupy high positions starting from the process of opening the account and collecting customer data (in the form of know your customer) with continuous monitoring of all their banking transactions.
The banks inform the Financial Investigation Unit of any suspicious or unusual transaction according to a special form attached to all the supporting documents with the analysis of the client’s accounts and clarify the reason for suspicion that the unit will play its role in taking the appropriate decision thereon after examining all its dealings with all banks. (KUNA)