Al Muzaini


Al Muzaini Exchange Co is fully committed to remaining vigilant to prevent any use of its products and services for illegal purposes. The company believes that no customer relationship is worth compromising its commitment to combating money laundering and financing of terrorist activities. The compliance policy is in line with international standards and as per Central Bank of Kuwait’s law on AML and CFT (Law 106).

The Company has prepared a comprehensive Compliance Policy which serves as a guideline to all employees of Al Muzaini Exchange Company. The policy covers all aspects of the Law 106 issued by the Central Bank of Kuwait and follows a risk-based approach.

At Al Muzaini Exchange, we are dedicated to fulfilling our mission of safely conducting business in compliance with all the applicable laws and the regulations. We have implemented concrete Anti-Money Laundering (AML) and compliance practices in all our branches. Our technological infrastructure and AML solutions ensures that we are completely compliant throughout.

Al Muzaini Exchange Company ensures that it remains committed in its efforts to prevent money laundering and terrorist financing in accordance with the Central Bank of Kuwait’s regulations and international best practices in Anti-Money Laundering (AML) & Counter Terrorist Financing (CTF). And to fulfil the same, Al Muzaini Exchange is completely prepared with measures to detect suspicious activities associated with money laundering, fraud and terrorist financing and to report them to the Central Bank of Kuwait, as per the regulations.

Know Your Customer (KYC)

Al Muzaini Exchange Company follows a solid identity verification process for all customers as per local and international AML/CTF regulations, irrespective of the amount of the transaction. Definitive KYC (Know Your Customer) and KYCC (Know your Customer’s Customer) policies are adhered to at all levels of the organization. Identifying and conducting Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) wherever required is a standard operation at Al Muzaini so as to identify signs of money laundering.

Monitoring all transactions

Al Muzaini constantly monitors all transactions in order to detect transactions which are potentially suspicious based on the customer’s profile and behavior. Our very own staff of tellers act as a first line of defense and are empowered with the knowledge and the skills to detect any unusual behavior/ transactions through the internal channels. This process is further backed up by a comprehensive review of the transactions at the second line of defense including effective monitoring of the customer’s transactions and their behavior.

Reporting of Unusual or Suspicious Transactions to compliance

All of the staff at Al Muzaini Exchange Company are equipped with the training and knowledge necessary to report unusual or suspicious transactions through our internal channels to the compliance officer. The compliance officer conducts a highly detailed investigation and takes the necessary action before reporting suspicious transactions to the Financial Intelligence Unit (FIU), at the Central Bank of Kuwait.

Compliance Team and Technology

Al Muzaini has a Compliance Department, headed by a Compliance Officer who is responsible to oversee the compliance activities of the company who report directly to the Board of Directors. The role of the compliance team is as follows:

  1. Updating the Compliance Policy on a regular basis as per changes in the Law.
  2. Payment monitoring.
  3. Sanction list screening.
  4. Investigations.
  5. Conducting Enhanced Due Diligence (EDD), as required
  6. Reporting suspicious activities to the FIU

We have a world-renowned AML/ CFT system integrated in our core system to conduct activity monitoring and sanction screenings.

Independent Review of the Compliance & AML Department

The AML function & Compliance is subject to reviews by Internal Audit, the Central Bank of Kuwait examiners as well as independent external auditors. This ensures that the compliance program is always up-to-date and is meeting all the regulatory requirements.

Staff Training

Al Muzaini strongly believes in empowering and equipping its employees with relevant knowledge at every level. Regular and thorough AML trainings help the company adhere to the various rules and regulations in place to tackle AML/CTF. New employees are trained on AML policy & procedures within 30 days of joining Al Muzaini, with mandatory follow-up trainings conducted annually.

Record Keeping & Confidentiality

All records including the customer’s identification documents, transaction data and any other relevant document are maintained for a minimum of five years. This is in line with the regulations of the Central Bank of Kuwait. Al Muzaini maintains the confidentiality of all the information provided by its customers and their transaction records and keeps all related data private.

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