Through its training arm, the Investment Studies Center (ISC), Union of Investment Companies (UIC) organized a training program on "Anti Money Laundering and Terrorist Financing and its Impact on the Activities of Licensed Persons" on 22nd September 2024, at UIC premises. Mrs. Fadwa Darwish – UIC Secretary General, stated that this program was held in cooperation with Counselor Amr Hafez - First Deputy - Head of the Legal Department at Kuwait Financial Centre S.A.K.C., and a member of the Legal Committee of UIC, to support the investment sector and member companies to confront the risks of some parties exploiting companies' activities in the financial markets to carry out illegal activities such as money laundering and terrorist financing, and to avoid making mistakes that expose them to violations from regulatory bodies during their implementation of procedures and laws related to Anti money laundering and terrorist financing.
Therefore, it was necessary to focus efforts on continuous awareness of the latest developments regarding violations by the Capital Markets Authority to familiarize participants with the methods and ways that enable them to perform their duties efficiently in accordance with the law.
During the program, a number of important topics were highlighted, as the latest developments regarding the violations imposed by the Capital Markets Authority on companies until June 2024 were reviewed, and the most prominent and most frequent violations were analyzed, their causes and how to read them by the regulatory authorities were identified. The program also addressed the proposed solutions for these violations and mechanisms to avoid them according to the instructions of the regulatory authorities. The program also provided a comprehensive and in-depth explanation of the "Know Your Customer" model, clarifying its importance, especially with regard to identifying the actual beneficiary. Participants were able to learn about global policies, procedures and trends regarding combating money laundering and terrorist financing.
Mrs. Fadwa Darwish concluded her statement by emphasizing UIC commitment to achieving one of its most important basic goals, which is to contribute to developing the professional level of workers in investment companies, which positively reflects on the efficiency of the investment sector and enhances its role in supporting the national economy, as she indicated that the Union is keen to provide high-quality training programs that are carefully prepared to meet the changing needs of companies, in line with developments in financial markets at the local, regional and global levels.