Financial Investigation Unit Has Updated 36 Indicators Of Money Laundering
Category: Kuwait

As part of its ongoing efforts to stop those associated with financing terrorism and money laundering, the Financial Investigation Unit has updated 36 indicators that will assist banks to monitor the activities of individuals who are involved in illegal activities, reports Al-Rai daily.

The indicators circulated recently by the Financial Investigations Unit to banks, finance companies and money exchanges included 21 indicators related to the clients, 9 related to treatment (behavior), and 7 related to geographical location.

Among the most prominent indicators of the circular, include refusal of a client to deal with female employees and frequently changing persons who are authorized to operate a particular account, as well as information that indicates support for publications or extremist actions.

The circular also mentioned new clients who frequently ask employees about disclosure, reporting, or recordkeeping requirements and other details, not to mention clients who do transactions on behalf of other people, and the initiative of a person to open multiple accounts, in addition to the client’s regular travel to areas of conflict, frequent transfers to foreign countries, which show no working relationship with the countries of destination.



11 Sep, 2019 323
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