Gulf Custody Co. Takes Specialized AML/CFT Courses
Two specialized courses were held at the Gulf Securities Company headquarters for both the employees and the Board of Directors of the company in the mechanisms to combat money-laundering and the financing of terrorism. Trainees demonstrated considerable interaction and responsiveness during the course of the training sessions, which was attended by selected compliance personnel in addition to a number of the company’s senior executives including members of the Board of Directors.
The courses covered several vital topics, including customer identification mechanisms (Know Your Customer [KYC]), transaction and customer control, identification and reporting of suspicious or unusual transactions, risk-based customer classification, as well as knowledge of local regulators and applicable laws in Kuwait, most notably the 106/2013 law, including the prescribed penalties, and numerous international laws and regulations.
These sessions were held as part of the Gulf Custody Co.’s commitment to adhere to the applicable AML/CFT regulations and its commitment to cooperate with the regulatory authorities involved in combating money-laundering and the financing of terrorism across the Kuwaiti financial services sector
Kuwait Compliance Co. Media Relations
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About Gulf Custody Co.
Gulf Custody Company (GCC) incorporated in Kuwait in 2001, then later in Bahrain in 2003 and now in Oman with a mission to become a leader in the fund custodian and settlement services in the Gulf markets. GCC provides a wide range of high quality and cost-effective fund custodian, fund administration and transfer agency services to cater to the needs of both clients and fund managers. GCC is one of the leading fund custody & administration service providers in Kuwait, Bahrain and Oman markets with total assets under custody of US$ 3.05 billion at the end of year December 2014.
The establishment of the company is a real interpretation of the economic tendencies aiming at providing clients with a variety of financial services through encouraging segregation of duties, and to offer the highest standard of services. Undoubtedly, this model should enhance foreign and local investors’ confidence in investment atmosphere in GCC region and will have a positive impact on the investment activity in particular economy in general.
