Audit & Assurance Services

Anti-Money Laundering and Combating Terrorism Financing Law (AML/CFT)

Financial institutions and designated non-financial businesses and professions shall have in place policies and procedures to ensure that they comply with the provisions of the Law: the Anti-Money Laundering and Combating Terrorism Financing Law (106) of 2013, the Executive Regulation: Decision No (37) of 2013 and relevant Ministerial Decisions and Instructions issued by supervisory authorities, including appropriate customer acceptance and risk management policies. These policies and procedures should be reviewed and endorsed periodically.

Supervisory Authorities: means the following authorities in Kuwait.

Central Bank of Kuwait 

For: Banks, Exchange Companies and Finance Companies 

Ministry of Commerce and Industry 

For: Insurance Companies, Agents and Brokers, Exchange Organizations, Real Estate Agents, Dealers in Precious Metals and Stones, and Accountants.

Capital Markets Authority 

For: Investment Companies, Securities Brokerage Companies, Financial Brokerage Companies, Underwriters, Asset Managers, Mutual Funds, Custodian Companies.

Self-Regulatory Bodies: Kuwait Association of Lawyers

For: Lawyers.