Anti Money Laundering & Combating the Financing of Terrorism Policy

Money Laundering & Financing of Terrorism pose a grave global threat across countries.

We strive to maintain high standards of compliance on Anti Money Laundering & Combating of Terrorism Financing by confirming to the legal & regulatory requirements of the State of Kuwait and the Central Bank of Kuwait.

Our policies, procedures & controls comply with the Law no.106 of 2013 of State of Kuwait & the instructions contained in circular no.2/RS/310/2013 of the Central Bank of Kuwait. We also adhere to the AML & CFT recommendations of other major international bodies like the United Nations (UN), Financial Action Task Force (FATF) & Office Of The Foreign Assets Control (OFAC). We also comply with the requirements of our Correspondents on the subject.

We have in place very comprehensive policies & procedures on AML/CFT and KYC which are reviewed at regular intervals & kept updated. The policies cover:
1. Applicable Customer Identification & Verification Procedures
2. Procedures On PEPs, High Risk Clients & Repeated Transactions
3. Risk Assessment & Evaluation
4. Policy On Suspicious Transactions & Reporting
5. Record Retention
6. Policy On Recruitment Of Employees
6. Ongoing Staff Training Programmes
7. Continuous Updation Of UN Sanctions List & Meticulous Screening Of Transactions Against The List For Possible Matches
8. Internal Controls, Regulations & Restrictions & Periodic Evaluation Thereof
9. Policy On Relation With Correspondents

Monitoring & review of the above policies are accomplished through regular & independent compliance & audit. We continuously upgrade our technology & systems to meet compliance & audit requirements, compliance with the laws & regulations on AML & CFT.