Compliance

Compliance

Ahli United Bank K.S.C.P (AUB) is a Public shareholding company which is licensed and regulated by the Central Bank of Kuwait (CBK) and listed on Boursa Kuwait.

The State of Kuwait defines Money Laundering and Counter Terrorist financing as criminal offences. The supporting Financial Crime Regulations as per the Law no 106 for the year 2013 for Anti-Money Laundering and Counter Terrorist Financing and its regulations that is supervised by the CBK is based on the principles of the Financial Action Task Force (FATF). (The Central Bank Regulations can be accessed by visiting the website: www.cbk.gov.kw

FATCA & CRS

Foreign Account Tax Compliance Act (FATCA) is United States (US) Tax Law aimed at curbing tax evasion by US citizens and residents through the use of offshore accounts maintained outside the United States. It requires Foreign (non-US) Financial Institutions (FFIs) to identify their US clients (both individual and entities) and report on their account information to the Internal Revenue Service (IRS).

Common Reporting Standard (CRS) is a commonly used term for Automatic Exchange of Information (AEOI) in Tax Matters. CRS is published by Organization for Economic Co-operation and Development (OECD) and supported by G20 countries. Article 6 of the Convention on Mutual Administrative Assistance in Tax Matters provides a legal framework for its implementation globally. The main objective of CRS is to improve tax transparency through information sharing about financial assets of tax residents of a country in other jurisdictions participating in the CRS program.

For further information on FATCA and CRS Click Here

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