Kuwait Kuwait

New Documents

Kuwait Joins OECD BEPS Convention to Combat Tax Evasion

The Organisation for Economic Cooperation and Development announced that Kuwait became a member of the OECD and Group of 20 Inclusive Framework on Base Erosion and Profit Sharing.

November 16, 2023

Kuwait Regulator Holds AML/CTF Workshops

The Capital Markets Authority of Kuwait announced that it held two workshops concerning the latest anti-money laundering and counterterrorist financing developments.

July 21, 2023

Kuwait FIU Shares Annual Report Covering COVID-19 Period, Reports Increase in STRs

February 9, 2023

US, Kuwait Commit to Combating Terrorist Financiers, Cybercriminals

January 28, 2022

Kuwait FIU Highlights Development of STR Database in Annual Report

September 21, 2021

News

Midweek Roundup: FinCEN Pitches AML Rules for Investment Advisers, Russian Banks Still Using iPhone Apps, and More

Santander denies U.S. sanctions breaches, Deutsche Bank’s monitorship extended, and more.

February 14, 2024

Midweek Roundup: FinCEN Pitches Real Estate Rule, Treasury Updates Money Laundering Assessment, and More

Iran funneled funds through Britain, U.S. regulators target bank-fintech partnerships, and more, in the midweek roundup.

February 7, 2024

Midweek Roundup: Binance Weighs Russia Exit, Singapore Lenders Implicated in Money Laundering Scandal, and More

August 30, 2023

Weekly Roundup: US Government Refuses Afghan Funds Repatriation, Societe Generale Obtains VASP License, and More

July 21, 2023

Weekly Roundup: Credit Suisse Allegedly Violated US Tax Crime Settlement, Report Ties South African Banks to Gold Smuggling Scheme, and More

March 31, 2023

Enforcement Actions

0 Items Found

Key Documents

Kuwait Criminalizes Money Laundering, Requires Customer Identification

March 10, 2002

Kuwait's Ministry of Finance Enumerates Individuals, Entities Subject to AML Law

July 10, 2005

Kuwait Establishes National Committee for Combating Money Laundering, Terrorist Financing

March 28, 2004

Important Facts

  • The U.S. State Department labels Kuwait as a jurisdiction of concern. Financial crimes such as money laundering and terrorist financing continue to be major concerns in Kuwait. Another major concern for the jurisdiction is financial support to terrorist groups, particularly by individuals who operate outside of government-approved charitable-giving systems. In 2015, Kuwait took several measures to improve the oversight and regulation of charities operating in the country, including improved monitoring of transfers to international beneficiaries. Illicit proceeds are primarily related to cases of fraud, smuggling and corruption. Other proceed-generating crimes are credit card fraud, piracy of goods, insider trading, and market manipulation. As of March 31, 2015, the Central Bank of Kuwait reported total banking sector assets of $188 billion. Currently, 23 banks operate in Kuwait.
  • KYC Covered Entities:  Commercial and Islamic banks; insurance agents, brokers, and companies; investment companies; money and foreign exchange bureaus; jewelry establishments, including gold, metal, and precious commodity traders; real estate agents/establishments; legal and auditing firms
  • STR Covered Entities:  Commercial and Islamic banks; insurance agents, brokers, and companies; investment companies; money and foreign exchange bureaus; jewelry establishments, including gold, metal, and precious commodity traders; real estate agents/establishments; legal and auditing firms
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 1 High :
Largely Compliant : 11 Substantial :
Partially Compliant : 14 Moderate :
Non-Compliant : 22 Low :
Not-Applicable : 1

BASEL i

Rank : 56/129
Score : 5.54/10

TRANSPARENCY INTERNATIONAL i

Rank : 78/179
Score : 42/100

Tax Justice Network i

Rank : 28/133
Score : 71/100