According to the provisions of Kuwait Law for preventing money laundering, the Kuwait Financial Intelligence Unit (KwFIU) is an independent legal entity responsible for receiving, requesting, analysing, and disseminating information concerning suspected proceeds of crime or funds related, linked to, or to be used for money laundering or terrorism financing.
This unit's mission is to protect the integrity of Kuwait's banking and financial sector from money laundering, predicate offenses, and terrorism financing by adhering to international standards, and ensuring effective cooperation with competent authorities in order to achieve national and international peace and security.
While many factors may influence the size and shape of the AML program, it should be based on a set of key criteria.
Risk Assessment, which is a cornerstone of AML compliance and the first step toward establishing an effective program. The AML program should take into account factors like the products and services offered, the clients, and the geographic location because no two institutions face the same set of AML risks
Officer in Charge of Compliance - AML programs should designate a principal compliance officer to oversee the general implementation of AML policy for the institution
Internal Assurance, which is used by the institution to detect and report financial crime should focus on the AML compliance program. A regular review of this assurance should be part of the program in order to assess its effectiveness in meeting compliance standards
Audits by Third Parties - a schedule of independent testing and auditing by third-party organisations should be included in any effective AML compliance program. Independent testing should be required every 12-18 months, though institutions working in particularly high-risk areas might consider testing more frequently
Training - while every employee in a financial institution should have a working knowledge of AML procedures, specific employees will be held more accountable for the compliance program's implementation
SARs inevitably involve clients' confidential personal information and can result in serious legal consequences, therefore, it is critical that the reporting process is kept private. As a result, when SARs are submitted to Kuwait's Financial Intelligence Unit (KwFIU), the subjects of the reports are not notified, and it is illegal to discuss the SAR with third parties, such as media organisations. The confidentiality of the SARs process is also protected by a number of other factors:
Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.
Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.
* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.