Press Releases

The Central Bank of Kuwait (CBK) held a joint virtual workshop with the United States Department of Justice titled “Effective Oversight of Financial Institutions to Combat Money Laundering and Terror Finance”. The workshop aims to strengthen the capacity of CBK staff and discuss emerging issues and growing  risks in Anti-Money Laundering efforts and combating terror financing. Speakers from the US Department of Justice covered topics related to trends in illicit finance, virtual assets and compliance, and best international practices for regulators, CBK said in a press statement.

“These activities are part of the CBK’s ongoing efforts to stay abreast of local and international developments in an ever-changing financial landscape. They are also a vital step in boosting the ongoing cooperation between the two countries to combat these cross-border crimes,” said Mr. Waleed M. Al-Awadhi, the CBK Executive Director of the Supervision Sector.

“I appreciate our ongoing relationship with the Central Bank of Kuwait,” said U.S. Embassy Chargé d’Affaires Jim Holtsnider. “I’m pleased that the U.S. Department of Justice and the Central Bank of Kuwait held a successful workshop to discuss global perspectives on combatting financial crime and terrorist financing, particularly as we encounter new threats, including those posed by virtual assets. I hope these collaborations continue.”

The statement added that the Central Bank of Kuwait continues to build on international efforts to combat money laundering and terror financing, by ensuring compliance with FATF standards and recommendations, the Basel Committee on Banking Supervision, as well as recommended best practices of the international financial institutions such as the IMF and the World Bank.

Strengthening the capacity of CBK staff and that of the finance and banking sector is a top priority at the CBK. The CBK hosts a series of annual trainings for units under its supervision in this field to ensure readiness to comply with international requirements.