Head of the Financial Investigation Unit, Dr Hamad Al-Mekrad and CEO of (Sci Net), Mai Al-Awish, during the signing of the Memorandum of Understanding.- KUNA photos
KUWAIT: Kuwait’s Financial Intelligence Unit (FIU) signed a Memorandum of Understanding (MoU) with the Kuwait Credit Information Network Company (CINet) on Thursday, aiming to strengthen the exchange of credit information and enhance joint mechanisms to combat money laundering and terrorism financing. Head of the FIU, Dr Hamad Al-Mekrad, told KUNA that the agreement is part of the unit’s strategic approach to expand cooperation with key players in the financial ecosystem, particularly credit institutions that serve as frontline monitors of suspicious financial activity. Dr Al-Mekrad described the MoU with CINET as a qualitative step forward in integrating the private sector into the national framework for combating financial crimes. He praised CINet’s commitment to regulatory standards and its development of an advanced, reliable credit information system.
He further noted that the partnership aligns with the FIU’s broader strategy to foster a flexible and modern regulatory environment based on accurate data and credit analysis, which are critical tools for early detection of financial risks. Al-Mekrad lauded CINet’s role in strengthening financial sector cooperation and its dedication to implementing this collaboration through a secure and organized institutional data exchange mechanism, contributing to national objectives and the goals of New Kuwait Vision 2035.
In a similar statement, CINet CEO Mai Al-Owaish affirmed the company’s awareness of its vital role in promoting financial security, emphasizing that the MoU will bolster the efficiency of the national compliance system. Al-Owaish highlighted that safeguarding the financial system requires joint efforts from both public and private sectors, and that this partnership sets a foundation for a sustainable and collaborative approach in protecting Kuwait’s financial stability. CINet is Kuwait’s sole provider of credit information and credit ratings. It operates under the supervision of the Central Bank of Kuwait and in accordance with Law No. 9 of 2019 regulating the exchange of credit information. — KUNA
