CBK eye targets transfers in battle against laundering

KUWAIT CITY, April 28: In a move aimed at combating money laundering and financing terrorism, the Central Bank of Kuwait has instructed all banks to submit data on incoming and outgoing money transfers, reports AlSeyassah daily.

In a statement to the press on the sidelines of its recent meeting with the directors of anti-money laundering and financing terrorism departments, compliance and internal control managers, and experts in local banks; the Central Bank said the

banks must also submit data on cash deposits amounting to KD 3,000 and above. It explained that its aim is to intensify follow up efforts for additional verification of the extent of the commitment to deal with unusual operations.

The Central Bank is planning to create more tools that contribute to increasing the ability to query, follow up, and analyze patterns and behavior for unusual operations.

The Central Bank disclosed that the review of procedures followed in this field and their periodic development is of particular importance in light of the its preparations for the joint assessment process for the State of Kuwait conducted by the Financial Action Task Force (FATF) in the field of combating money laundering and financing terrorism. It added this procedure will later include exchange companies to obtain the same data.

In light of what is being circulated through the media about issues related to money laundering operations, it confirms that the necessary measures will be taken in time and performed all the responsibilities entrusted in this regard, and has absolute eagerness to verify the compliance of the bodies subject to his control with legal requirements and their full compliance with all the requirements mentioned in the instructions Issued by the (Central) within the framework of Law No. (106) of 2013 regarding combating money laundering and terrorist financing.