Kuwait Central Bank informs banks that Kuwait’s directors need to be hired to manage money laundering prevention and terrorist financing units, and localizes delicate banking operations, including senior and middle management. We emphasize the importance of this and make the necessary efforts to achieve this.
According to the local Arabic daily, the central bank initially urged banks to adjust the situation in this regard, but it is likely that it will not exceed 2023 to reach this goal. It was generous enough to extend the deadline. Appointment of non-Kuwait to general senior positions is limited and should be linked to Kuwaiti training to carry out these tasks within the framework of career development plans and necessary substitutions. Emphasize that there is.
Some banks say they have already nationalized this job, others say they are working on it, ensuring that central banks are moving to localize delicate jobs to ensure the succession of the jobs they need. He said it would include a separate review of the bank’s plans.
As a banker, the director of “Money Laundering” is the second to require the CBK to hire Kuwait in banks, following the position of director of strategic planning and follow-up units approved by the issued supervisory order. It’s an important job. In January 2020, related to the establishment of an independent sector to support and follow up on frameworks related to banks’ strategic planning. While currently looking at risk managers, keep in mind that all banks already meet this requirement.
In general, the primary role of money laundering prevention and terrorist financing units is to ensure that all remittances capped by supervision comply with laws and regulations, as well as the bank’s internal policies and regulations. That is.
In each department, an independent unit is assigned to monitor the implementation of the bank’s anti-money laundering policy and to implement the bank’s policies and procedures in the fight against money laundering and terrorist financing. It is worth noting that the chair is directly responsible.
Sources say Kuwait’s request for the position of director of the bank’s “money laundering” division is the scope of the plan aimed at carrying out banking operations, especially from Kuwait’s middle and major executive departments. Pointed out that it was inside.
Bankers face major challenges in Kuwait as some banks, especially professional banks, including the director of the “money laundering” unit, are in high demand for such jobs in exchange for what is available. I’m not hiding what I’m doing. Competing fiercely among them to meet the requirements. This may include additional financial benefits to court some talents of other banks and persuade them to join the bank.
Since April 2021, the central bank has requested banks to provide plans approved by the board of directors. This shows not only the level of senior and middle management, but also a clear path to reach Kuwait. Banks as a whole, in a way that clarifies the path to achieving this alternative by the end of 2023.
The central bank’s move in this direction is part of a strategic effort to strengthen the presence of national capacity in the banking sector at all functional levels and is constantly interested in developing career opportunities for Kuwaiti executives. On the other hand, prioritize leadership status for national executives. By training them, whether technical or administrative, and taking steps to qualify them to fill their positions.
https://timeskuwait.com/news/central-bank-calls-on-banks-to-kuwaitize-vital-banks-sectors/ Central banks call on banks to Kuwait important banking sectors