AML/CFT Legislation Compliance Assurance Report is mandate for licensed persons by Kuwait’s Capital Markets Authority to comply with the Anti-Money Laundering & Combating the Financing of Terrorism legislation. CMA issued Resolution No. 72 of 2015 concerning the issuance of the Executive Regulations of Law No. 7 of 2010. Module 16: Anti-Money Laundering & Combating the Financing of Terrorism of the Executive Regulations contains the instructions related to the AML/CFT.
Article 7-7 of Module 16 sets forth:
“The Licensed Person shall engage the external auditor to prepare a report including the assessment of extent of compliance with all legislative parameters and requirements set forth in Anti-Money Laundering & Combating the Financing of Terrorism Law and the instructions issued by CMA in this regard, as well as compliance with its regulations, policies, procedures and internal control systems”.
Furthermore, Circular No. (13) of 2017 concerning the obligations stated in Article (7-7) of Module 16: Anti-Money Laundering & Combating the Financing of Terrorism indicates that the licensed persons shall have the required report prepared on annual basis for the period from 1 January to 31 December of every year together with submitting a copy thereof to CMA not later than 31 March of every year.
For the external auditor, this report must be prepared by the same auditor appointed to audit the financial statements of the licensed person. The external auditor shall prepare the AML/CFT Assurance Report for the same financial year along with providing CMA with a copy thereof not later than three months from the end date of the financial year.
Added value to business entities from AML/CFT Legislation Compliance Assurance Report
- Comply with laws, regulations, resolutions and instructions issued by Capital Markets Authority;
- Enhance business entity’s reputation and increase all stakeholders’ confidence;
- Protect the business entity and its customers from illegal transactions, which may involve money laundering, terrorism financing or any other criminal activity; and
- Contribute to optimizing the capital market integrity and credibility.
Services offered by Baker Tilly
AML/CFT Legislation Compliance Assurance Report
Prepare report on compliance with Anti-Money Laundering & Combating the Financing of Terrorism legislation.
(Reference: Capital Markets Authority, Resolution No. 72 of 2015 regarding issuance of Executive Regulations of Law No. 7 of 2010 concerning the Establishment of Capital Markets Authority and Regulation of Securities Business, as amended – Module 16: Anti-Money Laundering & Combating the Financing of Terrorism)