Local banks asked to disclose records of some persons and companies

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KUWAIT CITY, Apr 26: According to informed sources, the Central Bank of Kuwait has issued a circular to local banks to disclose the financial records of several accounts belonging to a company operating in the field of marine equipment, as well as the financial records of seven citizens dating back to eight years, reports Al-Rai daily.

They explained that the Central Bank’s request in this regard was based on the request of the Public Funds Prosecution and Anti-Money Laundering. The banks reported the need to provide the Public Prosecution with all the required information about the accounts of the company and the seven individuals for the period from January 1, 2014 to January 1, 2021.

The sources did not explain the reasons behind the prosecution’s request to reveal the banking records of the targeted accounts, but they highlighted that the decision is related to the issue of inventorying funds.

In a related context, a circular was sent to banks to disclose the bank records of a company engaged in international trade, as well as the bank records of five citizens for a period of ten years.

The sources indicated that all the individuals, whose accounts are required to be disclosed, are related to the company in the same case.

The Central Bank, in the circular, stated that the financial records of the citizens in question should be of the period from January 1, 2012 until January 1, 2021. It stressed the need for banks to speed up the provision of the required data.

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