Title: Press Release: “Latest Developments in Anti-Money Laundering and Combating Financing of Terrorism” Spotlighted in an Awareness Workshop by the CMA

Kuwait, January 20, 2024 – As part of the CMA’s pursuit to implement its objectives outlined in its establishment law, particularly to “Enhance public awareness of Securities activities and of the benefits, risks and obligations arising from investments in Securities and encourage their development.”, and in implementation of the gulf joint awareness efforts in general, and the initiatives achieved by specialized teams to communicate and educate investors in member states in particular, as directed in meetings of Heads of Capital Markets Authorities Committee (or their equivalent). The CMA held two awareness workshops at its headquarters on January 11 and 14, which included representatives from 62 entities under its supervision.

The two workshops were presented by:
- Mr. Tareq Aljutaili – Anti-Money Laundering & Combating Financing of Terrorism Section Manager at the CMA.
- Mr. Aahed Alkhateeb – Specialist in the On-Site Supervision Department.

The two workshops, which targeted compliance officers in the entities previously mentioned, discussed the latest developments related to anti-money laundering and combating financing of terrorism in several areas, including:
- The unified form for Know Your Client (KYC) for opening trading accounts for the GCC citizens and residents: CMA’s initiative of the unified form was discussed, which was previously approved by Heads of Capital Markets Authorities Committee in September 2021, in addition to the objectives of this form, its details and mechanism.
- The new form of the due diligence procedures that shall be completed by the persons licensed by the CMA, as well as the entities applying for licenses. It was presented to the targeted audience, along with its contents.
- CMA Circular No. (05) of 2023 Regarding the Ultimate Control Rate of the Beneficial Owner over a Client, and the Ex-officio Controllers within the Primary Client. The workshop emphasized on the licensed persons update of their policy and procedure manuals, as well as their clients’ databases in accordance with this Circular.
- CMA Circular No. (11) of 2023 Regarding the Ministerial Resolution No. (141) of 2023 on the Executive Regulation for the Implementation of United Nations Security Council Resolutions Issued under Chapter Seven of the United Nations Charter Related to Terrorism and Combating Proliferation of Weapons of Mass Destruction. Licensed persons were urged to update their internal policies and procedures pursuant to the mentioned Ministerial Resolution and to comply with all its provisions. Then the workshop presented the main remarks noted by the CMA on the licensed persons regarding compliance with it.

At the end of the workshop, and before addressing participants’ enquiries, the presenters emphasized on CMA’s commitment to informing stakeholders about its activities and services in various sectors, including those related to anti-money laundering and combating financing of terrorism.

Ends-

Notes to Editors:
The Capital Markets Authority (CMA) of Kuwait was established pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments, approved by the Kuwaiti Parliament in February 2010. Under this Law, the CMA regulates and supervises securities activities, ensures transparency, fairness, efficiency, and observes listed companies’ implementation of Corporate Governance regulations. The CMA also protects investors from unfair practices and violations of the CMA's Law.
Furthermore, the Law stipulates the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs pertaining to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw