Kuwait – CM PB

2024, Cross-border, Update

Country Manual Private Banking

Kuwait – Update 2024

BRP SA - Kuwait - Kuwait City CM PB
BRP SA – Kuwait – Kuwait City CM PB

BRP has updated its Country Manual Private Banking for Kuwait out of Bank’s Country of Establishment (DEF, RS, BT & RT)

Source of changesAnswers
Law / RegulationNo
New Position of the AuthoritiesNo
Evolution of Expert’s InterpretationYes

Regulatory Template, Regulatory Summary and Behaviour Template

Material changes

The Country Manual has been reviewed to ensure that the content of all the documents remains accurate and up to date. We can confirm that there have been no major material changes or modifications in the relevant regulation since the last update.

On the recommendation of our lawyer the following comment has been added to investment activities conducted via remote means of communication on a reverse solicitation basis: reverse solicitation must be duly documented. The reason being, reverse solicitation must be in writing and in the words of the prospect/client (i.e. no telephone recording and/or written standard template forms).

Non-material changes

Some comments/conditions have been reworded and further non-material changes have been made throughout the documents.

The following comment has been added to investment activities conducted via remote means of communication on a reverse solicitation basis on the recommendation of our lawyer: Reverse solicitation must be duly documented. The reason is that the reverse solicitation must be in writing and in the words of the prospect/client (i.e. no telephone recording and/or written standard template forms).

BT Short Comparison

BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the PB Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM PB BT SHORT COMP” and “KUWAIT” in the Target Country Field.

The BT Short Comparison should be read as follows:

The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.

For more information, please contact us: info@brpsa.com

Geneva, October 22nd, 2024