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Title: CMA Circular No. (05) of 2024 Regarding the Countries Which Do Not Apply or Insufficiently Apply the Recommendations of the Financial Action Task Force (FATF)
Date Publish
02 July 2024
"Circular to All Licensed Persons"
Chairman of the Board of Directors
Greetings,
The Capital Markets Authority (CMA) would like to draw your attention to the provisions of Article (3-38) of Module Sixteen "Anti-Money Laundering & Combating Financing of Terrorism" of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and amendments thereto, which stipulate that “A Licensed Person must scrutinize and pay attention to business relationships or transactions with clients or financial institutions from countries which do not or insufficiently apply the FATF recommendations. Where the Authority advises the Licensed Person that such country insufficiently applies the FATF recommendations, the Licensed Person shall treat all business relationships and transactions from that county as high risk and shall apply the measures set out in Article (3-18) of this Chapter”.
Accordingly, the Financial Action Task Force (FATF) has updated the list of countries which do not apply or insufficiently apply the FATF recommendations in its recent meeting held in June 2024.
The CMA is keen to act according to the provisions of the above mentioned Article, therefore, you are requested to visit the FATF website (http://www.fatf-gafi.org) for the updated list of countries not applying or insufficiently applying the FATF recommendations in order to comply with the provisions of Article No. (3-38) of Module Sixteen "Anti-Money Laundering & Combating the Financing of Terrorism" of the Executive Bylaws of Law No. 7 of 2010 and amendments thereto.
It is worth mentioning that the circular mentioned above applies to clients of the licensed person who are residents in the State of Kuwait and hold a nationality of a country that does not apply or insufficiently applies the FATF recommendations as well as the citizens that have business relations with financial institutions affiliated with those countries.
Prof. Ahmad Al-Melhem
Issued on: 02/07/2024.
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
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