Banks asked to apply ‘SWIFT’ program

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KUWAIT CITY, Nov 5: In light of strengthening security protection controls due to the prevalence of cyber crimes, the Central Bank of Kuwait has requested local banks to submit a self-certification affidavit to ensure the extent of their commitment to implementing the security controls contained in the “SWIFT” customer security program, reports Al-Qabas daily.

In a circular sent to local banks, the Central Bank explained that it was adding to the circular issued to all local banks on December 2, 2019 regarding the implementation of the SWIFT client security program.

In light of strengthening security protection in the face of the recent cyber crimes, and the issuance of independent evaluation framework by SWIFT Foundation, local banks are obliged to submit a self-certification confirmation to ensure the extent of their compliance with the aforementioned security controls, in accordance with the relevant instructions, on a timely basis, which is by December 31.

The Central Bank called on local banks to continue following up the updates and reports with the aim of strengthening security measures, and to start preparing for the implementation of SWIFT recommendations regarding the independent evaluation framework, noting that this recommendation will be compulsorily implemented, starting from the end of next year.

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