Kuwait

New Documents

Kuwait FIU Highlights Development of STR Database in Annual Report

The Kuwait Financial Intelligence Unit published its fifth annual report, highlighting efforts to enhance the country’s anti-money laundering and counterterrorist financing regime.

September 21, 2021

Central Bank of Kuwait Publishes 2020-21 Annual Report

The Central Bank of Kuwait announced that it published its annual report for 2020-2021, highlighting efforts during the year of exceptional challenges related to the COVID-19 pandemic, including ongoing work to combat money laundering and terrorist financing.

August 6, 2021

Central Bank of Kuwait Organizes Workshop on Combating ML/TF

July 6, 2021

Swiss Federal Council Enters DTA with Bahrain, Amends Agreement with Kuwait

August 31, 2020

Switzerland, Kuwait Sign Protocol of Amendment to DTA

November 12, 2019

News

Weekly Roundup: FinCEN Fines Capital One, US Far-right Accepted Foreign Cryptocurrency, and More

Federal lawmaker wants beneficial owners behind Capitol riot identified, senior Commerzbank executive claims Wirecard fraudulently obtained loans, and more, in the weekly roundup.

January 15, 2021

Weekly Roundup: House Revives AML Bill After Veto, FDIC Fines Compliance Officer, and More

Saudi lender settles U.S. sanctions violations, FinCEN flags scams against COVID-19 vaccines, and more, in the weekly roundup.

December 30, 2020

Midweek Roundup: FinCEN Wants ‘Effective’ AML Programs, Julius Baer Nears FIFA Settlement with US Prosecutors, and More

September 16, 2020

Midweek Roundup: US Judge Dismisses Lawsuit Against Danske Bank, Belgium Investigates Credit Suisse, and More

August 26, 2020

Weekly Roundup: Steve Bannon Charged with Money Laundering, Regulators Issue PEP Guidance, and More

August 21, 2020

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