Title: CMA Organizes its Second Awareness Workshop of 2016/2017

Kuwait, October 4 2016- CMA has organized its second workshop, which is part of its awareness program for the current financial year 2016/2017. It addressed the issue of Anti-Money Laundering and Combating Financing of Terrorism. The CMA’s aim is to continue its awareness efforts related to this issue and to inform the related parties subject to its supervision with the recent updates regarding Anti-Money Laundering and Combating Financing of Terrorism. Many aspects were tackled such as:

• Decisions regarding Combating Financing of Terrorism
• Studies of evaluating the risks of Combating Financing of Terrorism
• Remarks of Kuwait Financial Intelligence Unit
• Remarks on the results of the tasks of field inspection
• Annual Financial Reports of licensed persons and the main negative cases related to them.

First, the speakers discussed the main provisions regarding the issue of Anti-Money Laundering and Combating Financing of Terrorism, including the ministerial decisions and relevant CMA’s circulars, then they talked about the main obligations required in this regard. The second aspect was dedicated to the evaluation of the risks of Anti-Money Laundering and Combating Financing of Terrorism, where a number of risks were displayed to determine the minimum need required to prepare a study.

After that, the third aspect covered the remarks of Kuwait Financial Intelligence Unit, through which the responsibilities of the Unit were presented along with the comments on the bodies subject to CMA’s supervision, in addition to clarifying the right mechanism of notification. At the end of discussions, participants’ inquiries were answered.

It should be noted that the CMA’s representatives of today’s workshop were Mr. Tareq Aljutaili – Representative of Office Supervision Department and Mr. Fuad Al-Ateeqi – Representative of Awareness Office, and Mr. Othman Alneghaimash - Director of Co-ordination and Follow-up Office – Legal Affairs Sector.

As the Capital Markets Authority continues its awareness activities during the upcoming two weeks according to the announced schedule of the events, it hopes that the concerned parties will participate in the open discussions to achieve the desired awareness goals related to Anti-Money Laundering and Combating Financing of Terrorism in particular. It also reminds all persons concerned with securities activities and other related issues to attend such workshops as they are open for the public. They usually take place at the same place and time at Khaled Al-Kharafi Hall at Kuwait Stock Exchange’s building on Tuesdays at 12:30 p.m.