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
In keeping with this regulation, AUB maintain appropriate customer screening, monitoring and related due diligence procedures that are designed to prevent the AUB from doing business with entities which engage in Money Laundering, Terrorist Financing practices or illegal activity. In relation to incorporated entities, these processes extend to the individuals that control such corporations. Officers and relevant staff of AUB are made aware of policies, procedures and processes and are mandated to adhere to them. Written records documenting AML & CTF with such procedures are maintained. We also require that all correspondent banks with which the AUB does business maintain appropriate procedures.
AUB policy requires that all relevant staff of AUB who deal with customers and / or who are managerially responsible for handling customer relationships, must undergo annual training on Anti-Money Laundering, Counter Terrorist Financing and Know Your Customer (KYC) regulation and procedures.
AUB also requires all Respondent banks with which AUB does business, to have appropriate money laundering and Terrorist Financing prevention mechanisms in place. The AUB does not maintain accounts with anonymous principals and does not conduct business with any Shell bank which does not maintain a physical presence in jurisdiction in which it is licensed and which is not a regulated affiliate.
Due Diligence Report & AML & CTF Questionnaire
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
To view Ahli United Bank CRS certificate Click Here