Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (18/2018 Disciplinary Board) (27/2018 Authority)
Date Publish 14 March 2019
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 14/03/2019 on violation No. (18/2018 Disciplinary Board) (27/2018 Authority) filed against:
Al-Waseet Financial Business Company
That " the company will be fined KWD 3000 due to the failure to confirm the suitability of the transaction made by one of its clients."
This punishment is due to the Company’s violation of the provisions of Clause (5) of Article (3-6) of Module Sixteen (Anti-Money Laundering and Combating Financing of Terrorism) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, due to the company’s failure to confirm the suitability of the executed transaction by the trading account holder, and the unsuitability of the transaction that were traded in the amount of about 1.1 million KWD in the trading session held on 12/12/2017 with the information provided by it on the “know your client " form.
In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these rules in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.