Anti Money Laundering

 

KIB was established in 1973 as Kuwait Real Estate Bank, in response to the intense property development and reconstruction trend and for the growing need for a bank, which could specialize in the real estate sector.  Established as the only specialized real estate bank in the country, KIB provides developers, contractors, as well as individual property owners with banking facilities, products and services to conduct their business and complete their projects. 
KIBs intricate and specialized knowledge of the market gives it a lead function in most new financial arrangements with new developers and contractors.  The Bank's scope of operations compromises Islamic financing and credit facilities to developers and contractors, a variety of investment activities secured by real estate, and the financing of local and overseas construction companies operating in Kuwait and the Gulf.
KIB is committed to full compliance with all Anti money Laundering laws and Central Bank of Kuwait (CBK) regulations and of FATF Recommendations and international standards of Basel Committee regarding Know your customer procedures.
For more information about KIB, please visit the following useful websites:
1. KIB website: http://www.kib.com.kw/
2. CBK registration details website: http://www.cbk.gov.kw/WWW/index.html 
3. Kuwait stock exchange website (for Financials and ownership) : http://kuwaitse.com/Market/StkProfile.aspx?stk=106  

The Anti-Money Laundering Legal and Regulatory Environments:

To enable KIB to protect its services, monitor and detect suspicious activities, disrupt the support to criminals and deny them from access to use the financial system and to ensure compliance with regulatory requirements on combating money laundering and terrorism financing, the Bank has formulated AML/CFT Compliance policy in the light of law #106 of 2013and its executive regulations No. 37 of 2013 as well as the Cabinet’s decisions for implementing UN security Council resolutions adopted under chapter (VII) of the UN charter relating to terrorism & terrorism Financing.

The policies and procedures of AML are designed to assist Bank’s adherence to the local/international AML/CFT regulations and requirements.

Shell Banks:

As per the KIB Policies and Procedures the bank is Prohibited to deal with shell banks.

Correspondent Banks:

ALL KIB correspondent banks are screened against international blacklists in regular basis a detailed due diligence is conducted annually and for new relationship the due diligence will be done before the starting of the relationship with the correspondent bank.

"Know Your Customer" Program:

The Bank is following the below mentioned procedure to adhere with the “Know Your Customer program”:

• The bank screens its customers’ names against international blacklists on regular basis for due diligence purposes before starting the relationship and  on on-going basis.
• The bank complies with the customer identification procedure in line with AML/CFT LAW 106/2013 & as per CBK instructions in this regard.
• The bank checks the customer's identity and ensures that the customer is acting as a principle and not for the benefit of any third party unless specific disclosure to that effect is made.
• If the customer is acting on behalf of others, the Bank verifies the identities of the underlying third parties.

Employee Training Program:

As part of Bank's AML/CFT policy, all Employees have to attend at least one training program yearly regarding Anti- Money Laundering; Therefore, all staff are fully aware of the Banks Anti-Money Laundering policies, procedures , and CBK instructions. And an acknowledgement are been obtained from each staff in the bank in this regard.

Independent Audit Program:

As per KIB Policy  there are  independent audit and examination to verify that the compliance controller and Bank staff carry out their duties in accordance with the Bank’s internal policies, procedures, rules and control on anti-money laundering and financing of terrorism.

Foreign Accounts Tax Compliance (FATCA):

KIB is a compliant with FATCA and has registered with Internal Revenue Services (IRS) as Foreign Financial Institution under Model 1 IGA (Intergovernmental Agreement).  KIB’s Global Intermediary Number (GIIN) is TA6WN7.99999.SL.414.
Also, KIB has adopted certain measures and procedures to comply this law.

 

Click Here to view the awareness message for the Foreign Accounts Tax Compliance Act (FATCA)

Click Here to view the Patriot Act Certificate (PAC)