CMA LAW: CMA Regulations Concerning Anti-Money Laundering and Counter Terrorist Financing

Awareness Announcement

(Updating, Reviewing and Keeping the Records) Pursuant to the "CMA Regulations Concerning Anti-Money Laundering and Counter Terrorist Financing"

In line with the CMA's endeavour to enhance the legal awareness of the licensed persons and all the parties concerned with the implementation of the provisions of Law No. (106) of 2013 regarding "Anti-Money Laundering and Counter Terrorist Financing", and the international resolutions issued in this regard; the CMA emphasizes on the importance of perusing its "Regulations Concerning Anti-Money Laundering and Counter Terrorist Financing Regulations No. (C .M .A. /S .S. /I .C/4/2013)" issued on 17/7/2013, and working according to the same.

Furthermore, the CMA emphasizes that the licensed persons should keep the data collected under the client due diligence process up-to-date to ensure its accuracy and authenticity, in addition to conducting an annual or ad hoc reviews of existing records, particularly for high risk categories of clients or business relationships, when appropriate trigger events occur. It is also necessary to keep the records stipulated in such Regulations, and any other related regulations or directives issued by the CMA, for at least ten years, according to the details mentioned in Article (Eighteenth) regarding the record keeping requirements.

The CMA urges the licensed persons to abide by the provisions of the Anti-Money Laundering and Counter Terrorist Financing regulations to avoid punitive accountability pursuant to Law No. (7) of 2010 regarding the "Establishment of the Capital Markets Authority and Regulating Securities' activity" and its Executive Bylaw, without prejudice to any stricter penalty which is stipulated in the Law of anti-money laundering and terrorist financing, or any other related laws.

Traders and licensed persons can visit the Capital Markets Authority's website (www.cma.gov.kw), Kuwait Stock Exchange's website (www.kse.com.kw), and the Twitter account @cma_kwt to keep up with the Authority's latest awareness announcements.

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.