The Central Bank of Kuwait has requested exchange companies to urgently provide it with a statement that includes “high-risk” customers (company’s clients, divided according to the degree of risk specified for each of them [low – medium – high]) including those who conduct money transfers to countries included in the red list of high-risk countries classification as well as the number of suspected cases of money laundering or terrorist financing that it has been monitoring during the last 3 years, reports Al-Rai daily. According to relevant sources, the regulator's actions in this regard are part of a broader supervision coordination, led by the Central Bank, to ensure that exchange companies, banks, and finance companies are not able to bypass. It is expected that Kuwait and its financial institutions will be assessed in May by the Financial Action Task Force (FATF) on whether they are in compliance with anti-money laundering and terrorist financing requirements.

In accordance with Law No. (106) of 2013 regarding money laundering and terrorist financing, its executive regulations, and related decisions and instructions, the sources stated that. Exchange companies were requested to provide data to the Central Bank within 10 working days in order to combat money laundering and terrorist financing. CBK suggested earlier to exchange companies and local financial institutions that the FATF team would ask them about suspicious cases in which the information kept about the real beneficiaries did not match the information updated about them, and their number, as well as procedures for verifying the real beneficiaries' identity.

To assess their effectiveness in preventing money laundering and terrorist financing, one of the expected questions is that, if there are systems that detect conformity, what are the appropriate scenarios for issuing an alert, what is the percentage of similarity established in the system that triggers the alert, and how is this ratio calculated? When providing bank credit services, how is the identity of the goods and their relevance to dual-use goods ascertained? In addition to setting standards and promoting effective implementation of legal, regulatory and operational measures to combat money laundering, terrorist financing, proliferation, and other threats to the integrity of the international financial system, the “FATF” is responsible for setting standards.