Warba Bank operates within Kuwait Jurisdiction whose local regulations of AML&CFT laws along with the related Central
Bank of Kuwait instructions require all financial institutions to have AML policies and procedures and impose high
standards for customers’ acceptance and anti-money laundering similar to those applied on the global level. The AML and
Terrorist Financing standards implemented by Warba Bank reflect all FATF recommendations and Wolfsberg requirements and
Basel Committee directions related issues .
AML and Terrorist Financing function is subject to annual independent and internal audit reviews and regular inspection
from the regulator to ensure adequate and effective AML&CFT controls are in place.
To facilitate compliance with anti-money laundering local law and international AML&CFT requirements, Warba Bank
developed and implemented a written AML&CFT program, consisting of policies, procedures, internal controls and systems.
This program includes, but is not limited to:
- Identification of potential AML risks relevant to each bank’s activities;
- Customer identification and verification.
- Documenting the customer KYC information’s.
- The identification of beneficial owners and verified the source of income.
- Implementing automated systems and controls designed to monitor various elements of AML & CFT compliance, including payments, transaction monitoring and customer identification.
- The identification and risk assessment of Customers and defined the high risk customer such as Politically Exposed Persons (PEPs).
- Enhanced due diligence for High risk customers.
- Internal procedures for Daily monitoring and reporting suspicious activities.
- Internal procedures for reporting the suspicious activities to the designated and appropriate financial intelligence unit (Kuwait FIU).
- Internal procedures for Screen customers against International and local Kuwait sanctions lists currently Warba Bank using Dow Jones lists.
- The retention of all records, customer transactions and documents not less than 5 years from the date of closing the
transactions.
- Appointing AML qualified person responsible about AML and terrorist financing have independent direct reporting line to the Top Management to advice and management and reports to senior management regarding noncompliance with the local AML regulations and provide assurance of oversight AML compliance and follow-up actions and reporting the suspected cases to Kuwait FIU.
- Regular continuous staff training and awareness, including training of senior management.
- Independent annual audit for AML unit from internal and external auditors in addition to regular Central Bank of Kuwait inspections.
Correspondent Banking Policy
The correspondent banking policy describes the risks associated with correspondent banking relationships and provides a
framework of core requirements and procedures. All correspondent banking relationships are subject to appropriate
customer due diligence and review not maintain or open accounts with shell banks or have anonymous accounts.
WB KYC DOCUMENTS links:
WB profile in Kuwait stock exchange website:
https://www.boursakuwait.com.kw/
