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Kuwait, 17th July 2013 – In line with the Capital Markets Authority (CMA) pursuit to enhance the integrity and creditably of the capital market, and protect the licensed persons and their clients from the illegal acts that may involve money laundering, terrorist financing, or any other criminal acts related to securities activities, and in order to keep up with the latest local and international developments in this field, in particular the provisions of Law No. (106) of 2013 regarding Anti-Money Laundering and Counter Terrorist Financing; the CMA has issued on 17/7/2013 Regulations No. (C.M.A/S.S/M.R/4/2013) regarding "Anti-Money Laundering and Counter Terrorist Financing" to replace the previous regulations which were issued on 14/6/2012 No. (C.M.A/S.S/M.R/3/2012) regarding the same issue.
Anti-money laundering and counter terrorist financing are part of the CMA's priorities. The CMA is keen to implement the mentioned regulations in order to protect the financial sector in Kuwait, where the vast developments in the financial and banks systems, the variety of the means of communication, the ease of money transfer, and the improved payment methods resulted in the diversity of the potential risks facing the financial sector. The CMA found it necessary to update the mentioned regulations to have well-elaborated regulations that are consistent with the provisions of Law No. (106) of 2013 Regarding Anti-Money Laundering and Counter Terrorist Financing, in addition to the related international requirements.
Thus, the CMA emphasizes that the sound implementation of the provisions concerning the requirements of "Anti-Money Laundering and Counter Terrorist Financing Regulations" shall improve handling the risks of transactions, and eventually maintain the soundness of the financial sector.
Clarification to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010, and amended by Law No. 108/2014. Pursuant to the Law, the Authority shall regulate and supervise the securities activities, achieve transparency and fairness, oblige the listed companies to execute the Corporate Governance Principles, and protect the investors from the unfair practices which violate the Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of the merger, acquisition, and disclosure operations. The Authority also aims at providing awareness programmes related to securities activities.
For more information kindly contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22410169
Email: pr-media@kuwaitcma.org
Title: Capital Markets Authority Issues New Regulations Regarding Anti-Money Laundering and Counter Terrorist Financing
Date Publish
17 July 2013
Kuwait, 17th July 2013 – In line with the Capital Markets Authority (CMA) pursuit to enhance the integrity and creditably of the capital market, and protect the licensed persons and their clients from the illegal acts that may involve money laundering, terrorist financing, or any other criminal acts related to securities activities, and in order to keep up with the latest local and international developments in this field, in particular the provisions of Law No. (106) of 2013 regarding Anti-Money Laundering and Counter Terrorist Financing; the CMA has issued on 17/7/2013 Regulations No. (C.M.A/S.S/M.R/4/2013) regarding "Anti-Money Laundering and Counter Terrorist Financing" to replace the previous regulations which were issued on 14/6/2012 No. (C.M.A/S.S/M.R/3/2012) regarding the same issue.
Anti-money laundering and counter terrorist financing are part of the CMA's priorities. The CMA is keen to implement the mentioned regulations in order to protect the financial sector in Kuwait, where the vast developments in the financial and banks systems, the variety of the means of communication, the ease of money transfer, and the improved payment methods resulted in the diversity of the potential risks facing the financial sector. The CMA found it necessary to update the mentioned regulations to have well-elaborated regulations that are consistent with the provisions of Law No. (106) of 2013 Regarding Anti-Money Laundering and Counter Terrorist Financing, in addition to the related international requirements.
Thus, the CMA emphasizes that the sound implementation of the provisions concerning the requirements of "Anti-Money Laundering and Counter Terrorist Financing Regulations" shall improve handling the risks of transactions, and eventually maintain the soundness of the financial sector.
Clarification to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010, and amended by Law No. 108/2014. Pursuant to the Law, the Authority shall regulate and supervise the securities activities, achieve transparency and fairness, oblige the listed companies to execute the Corporate Governance Principles, and protect the investors from the unfair practices which violate the Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of the merger, acquisition, and disclosure operations. The Authority also aims at providing awareness programmes related to securities activities.
For more information kindly contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22410169
Email: pr-media@kuwaitcma.org
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
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