On Dec. 30, KUW CMA issued circular on AML/CFT annual report.
KUW CMA issued Circular No. 11 of 2024 reminding licensed persons and chairman of the board of directors re importance of preparing annual report by compliance officer.
Key Provisions
Reminded of Module 16 Art. 7-5 of executive bylaws of Law 7/2010, its amendments.
Annual report shall be submitted it to the board of directors of the licensed person.
Includes all actions taken to implement internal policies, procedures, controls and any proposals for increasing their effectiveness, efficiency, submitting copy to KUW CMA.
Adhering to this article's provisions requires providing KUW CMA with report approved by the board of directors starting on January 1 and no later than March 1 of each year.
A copy of Know Your Customer forms for new foreign customers in designated box in annual report form mentioned above must be attached and sent via electronic portal.
