The Capital Markets Authority (CMA) has called on all licensed entities to review national risk assessment reports on money laundering and terrorist financing, as part of efforts to strengthen compliance and protect Kuwait’s financial system.

In a circular issued to licensed persons, the CMA said the executive summaries of the National Risk Assessment Reports, prepared and published by the Kuwaiti Financial Intelligence Unit, provide important guidance on identifying and understanding financial crime risks.

The Authority said the national assessment process aims to evaluate threats related to money laundering and terrorist financing, while developing effective policies and procedures to reduce risks and ensure compliance with international standards, particularly the recommendations of the Financial Action Task Force (FATF).

The assessment was based on an extensive analysis of Kuwait’s financial and non-financial sectors, including the identification of potential gaps, evaluation of risk exposure and monitoring of emerging threats.

The CMA emphasized that these measures contribute to safeguarding the country’s financial system, improving regulatory effectiveness and strengthening Kuwait’s international cooperation in combating financial crimes.

It added that publishing the executive summaries is intended to enhance awareness among regulated entities and help them improve their compliance frameworks, risk management systems and internal procedures in line with regulatory requirements and global best practices.

The Authority urged all licensed persons to study the reports carefully and use their findings to enhance their anti-money laundering and counter-terrorism financing programs.