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

Kuwait, July 6, 2024 – Within the framework of CMA’s pursuit to implement its objectives outlined in Article (3) of its law No. 7 of 2010, including  “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 the public of the latest developments regarding securities activities and inform the entities subject to the supervision of Capital Markets Authorities of the latest developments in Anti-Money Laundering and Combating Financing of Terrorism. The CMA is keen on implementing various awareness activities for the targeted audience.

In this context, the CMA’s headquarters witnessed the implementation of two awareness workshops on Tuesday and Wednesday, on July 2,3 of 2024, targeting representatives of licensed persons subject to the CMA’s supervision.

The two workshops were presented by Mr. Zeyad Al-Fulaij -Head of Supervision Sector
and Mr. Tareq Aljutaili – Anti-Money Laundering & Combating Financing of Terrorism Section Manager at the CMA. They discussed the topic through four main areas, as follows:

- The unified form for Know Your Client (KYC) for opening trading accounts for the GCC citizens and residents. The workshop discussed the CMA’s initiative of this unified form, which was approved as a guidance form by Heads of Capital Markets Authorities Committee in September 2021. The presentation included  the objectives of this form, its data, the working mechanism, and a list of the parties interested in operating under it.

- The new form of due diligence procedures that shall be completed by the persons licensed by the CMA, as well as the entities applying for licenses, were  presented to the targeted audience, along with its contents. Comments related to these models were also discussed.

- Article (8-1) of Module Sixteen (Anti-Money Laundering and Combating Financing of Terrorism) of the Executive Bylaws of CMA’s Law which specified that the CMA may impose one or more of the measures and penalties stipulated in the Anti-Money Laundering and Combating Financing of Terrorism Law and its Executive Bylaws and  the relevant ministerial  resolutions  and  the  regulations. 

- Notes related to several articles of Module Sixteen (Anti-Money Laundering and Combating Financing of Terrorism) of the Executive Bylaws of the CMA’s Law, which are observed among the tasks executed by the CMA’s field inspection teams.

At the end of the workshop, before addressing participants’ enquiries, the presenters highlighted Kuwait’s commitment to the recommendations of the Financial Action Task Force (FATF) in general, particularly recommendation No. (35) concerning penalties for specific violations. They also emphasized  the necessity of being aware of the measures and penalties specified in Article No. (15) of Law No. (106) of 2013 regarding Anti-Money Laundering and Combating the Financing of Terrorism, noting the continuation of disciplinary accountability in accordance with Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments.

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