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New conditions for bank draws eyed

KUWAIT CITY, Sept 20: The Ministry of Commerce and Industry has asked the Central Bank of Kuwait (CBK) to inform local banks about the new conditions for holding raffle draws starting from Jan 1, 2019, reports Al-Jarida daily quoting sources.

Sources disclosed the ministry and Central Bank have agreed on several decisions, including the requirement for banks to provide the ministry with copies of contracts signed with external auditors responsible for the financial statements of customers, commitment to review accounts participating in the raffle, and affirm compliance with conditions for participation.

Sources also highlighted the need to provide the Control and Consumer Protection Sector in the ministry with the names of winners, their nationalities, civil ID numbers and telephone numbers after each raffle draw.

Sources added the ministry will store raffle operations in a separate file within the raffle system, indicating such files will be deposited in the Central Bank of Kuwait immediately after the raffle and will remain there for six months for the ministry to review them later.

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