Anti-money Laundering and Combating Terrorism Financing, Attending to CMA requirements

In the context of supporting UIC member companies, and enhancing their technical expertise specialized in combating money laundering and terrorist financing, Union of Investment Companies (UIC) in collaboration with Kuwait Compliance organized an interactive workshop for compliance mangers on 11^th October 2022, at UIC premises. The workshop was titled “Anti-money Laundering and Combating Terrorism Financing, Attending to CMA requirements”, which tackled an analytical look at the most prominent indicators of suspected money laundering operations in the investment sector, instructions related to shared investment funds and the application of due diligence measures, in addition to the reflection of US sanctions and the European Union on Russia and its relationship to monitoring suspicious operations. The workshop was concluded by presenting a case study of money laundering in the investment sector.

In this occasion, Ms. Fadwa Darwish, Vice Secretary General and ISC Acting Director reported that ISC organized this important workshop to raise the awareness of companies to decrease the expected sanctions and violations that might be applied on them by the Regulatory authorities in this field, the workshop also supported the interest of UIC to contribute to the reinforcing the outputs of the regulatory authorities in the upcoming evaluation of Kuwait by the international committees - April 2023.

Ms. Fadwa stated that this workshop is the first episode in a series of awareness workshops in this field, which will be presented to several sectors subjecting to Law No. 106 of 2013 as part of the social responsibility of UIC and Kuwait Compliance Company. The workshop was presented by Ms. Huda Al-Enezi - General Manager and founder of the Kuwait Compliance Company - the Kuwaiti company specialized in training and providing technical advice in the field of combating money laundering and combating financial crimes.