CBK hosts workshops for bank employees, money exchange firms

The Central Bank of Kuwait (CBK) is organizing two workshops for local banks and exchange companies on topics of anti-money laundering and combating terrorist financing (AML/CFT) measures, international recommendations in this regard, and recent amendments to CBK instructions to local banks and exchange companies in this area. The workshops are organized within the effort to enhance the bank’s supervisory role and encourage staff capacity building within the banking and finance sector it regulates.

The workshops are held following recent amendments to CBK instructions to stress the importance of adequate preparation for the evaluation that the State of Kuwait is to undergo in terms of compliance with (AML/CFT) recommendations of the Financial Action Task Force (FATF).

Held on March 20th and 21st, one workshop was catered to local banks’ staff and the other to staff in exchange companies to shed light on the changes in requirements the amendments entailed. They will also address requirements mentioned in ministerial resolution (35) of 2019 regarding implementation of UN Security Council Resolutions issued virtue of Chapter VII of the UN Charter in relation to combating terrorism and the proliferation of weapons of mass destruction, as well as CBK policy in this regard. Some issues and findings of CBK follow-up and supervision would also be discussed, which the concerned units are expected to address and rectify.

The workshops are being hosted at CBK headquarters and by CBK specialists in the field of compliance with AML/CFT requirements. This effort comes as the CBK seeks to maintain continuous communication and interaction among professionals in the field to enhance the capabilities of all staff in the banking and finance sector.