CBK Instructed Guidelines To Control Money Laundering And Financing Terrorism
Category: Kuwait
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Remittance is a service provided by local banks and money exchange companies registered in the Central Bank of Kuwait (CBK) and are authorized to transfer funds abroad in accordance with the ministerial decision, says Finance Minister Anas Al-Saleh. The minister made this statement in response to the question of MP Khalil Al-Saleh on monitoring remittances.

He was quoted as saying earlier that monitoring remittances is the responsibility of agencies authorized to process fund transfers to other countries in accordance with the instructions of CBK in combating money laundering and financing terrorism.

He explained that as per the directives of CBK, banks and other financial institutions under its supervision should take special care in processing complex and large money transfer operations or deals which have no clear economic or legal objectives, do not correspond with the activity of the client or rate of debit and credit entries in his account and questionable sources of funds. He added the concerned agencies must carry out thorough searches and investigations, gather information on suspicious transactions and related parties, and detect suspicious operations and file a complaint at Kuwait Financial Investigation Unit if the need arises.

He affirmed that through the oversight role of CBK, as well as the office and field oversight tools, he monitors banks and other relevant institutions to ensure strict compliance with CBK’s instructions on combating money laundering and financing terrorism. He said field inspections are carried out regularly while the concerned institutions are obliged to correct irregularities if any and impose penalties.

He added CBK has asked banks and other concerned financial institutions to submit information on money transfers of expatriate workers; indicating the volume of such transfers and the receiving countries. He confirmed these data are compiled annually and published as part of the annual economic report of CBK on its website under the balance-of-payments section.



07 May, 2017 2 575
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