Kuwait City, November 26, 2019, as part of CMA’s awareness role, and in pursuant to one of its main objectives in Article 3 of its Establishment Law, specifically the seventh paragraph, which stipulates “Enhance public awareness of Securities activities and of the benefits, risks and obligations arising from investments in Securities and encourage their development.”, it continued on Tuesday, November 26, the implementation of the second external event of its comprehensive awareness program for the current quarter of 2019, which includes a set of internal and external awareness activities that started earlier on October 27th.

This external awareness workshop, which was held at Khalid Al-Kharafi Hall at Boursa Kuwait’s headquarters, was for explaining “Anti-Money Laundering and Combating Financing Terrorism”. The workshop was presented by the following:

- Mr. Tareq Al-Jutaili-Director of AML / CFT Section.

- Mr. Ibrahim Al-Failakawi -Legal Specialist in the Department of Legal Studies

- Mr. Fahad Al-Mutairi - Acting Director of Awareness Office.

This workshop dealt with its subject through several aspects, the most prominent of which were:

- Define high-risk politicians, and the duration of the classification of this category.

- Non-resident legal persons in accordance with the provisions of Module Sixteen of the Executive Bylaws of CMA’s Law and the approved documents for this category.

- Recent amendments to some of the Modules of the Executive Bylaws of CMA’s applicable law, in particular Resolution (74) of 2018, and Resolution (135) of 2018, and Resolution (43) of 2019.

- Circular No. (13) of 2019 on the Ministerial Resolution No. (35) of 2019 with a comparison between the previous mechanism to deal with the applicable decisions of the Foreign Ministry Committee and the new mechanism, and the requirements to be followed after the issuance of the above Ministerial Resolution.

- New suspicion indicators for Anti- Money Laundering and Combating Financing of Terrorism in accordance with Circular No. (8) of 2019, in addition to the right mechanism of notification.

The workshop emphasized the need to update both “know your customer” form and the manuals of policies and procedures for Anti- Money laundering and Combating Financing of Terrorism in accordance with the applicable regulations, to conclude the activities of the workshop after answering the participants' queries.

CMA draws the attention of the concerned and interested parties in its activities to a number of events including those programs whose implementation dates will be announced consecutively, it also welcomes all their suggestions and inquiries related to awareness-raising in particular.

Ends-
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
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