Training course in AML/CFT for Zajel Exchange

Kuwait Compliance Co. in cooperation with the Institute of Banking Studies organized a training course for the management and staff of Zajel Exchange Co. in the field of compliance and anti-money laundering and financing of terrorism, which included 36 employees from the departments of Banking Services, Remittance Services, Compliance and branch managers. The course is part of Zajel’s compliance training plan for 2018 which covers several topics involving non-compliance risks, the AML/CFT law and procedures, and the application of due diligence procedures. Various training methods were utilized to properly address the latest trends in money laundering and terrorism financing and means employed by the local and international financial institutions to combat them. The training also tackled the legal requirements and the sanctions enforced by the regulatory authorities in Kuwait, particularly.

The trainees participated actively in numerous discussions throughout the course, especially with updates relating to the latest methods of money-laundering and the means to control them, the reporting of suspicious transaction to the concerned authorities, as well as with the practical group exercises conducted during this training course.

This course is part of the company’s plan to continue training and awareness-raising in the field of combating money-laundering and the financing of terrorism, and to comply with the Central Bank of Kuwait’s regulatory instructions.

The Kuwait Institute of Banking Studies and Kuwait Compliance Co. continuously collaborate to serve the financial services sector and to promote the compliance culture and spread awareness of the risks of money-laundering and the financing of terrorism to the national economy in general, and to mitigate the risk of non-compliance to companies who are subject to the anti-money laundering and terrorist financing law.

Kuwait Compliance Co. Media Relations [email protected] +965 6772 2888

Institute of Banking Studies Media Relations Reham Behbehani [email protected]

+965 2290 1100