How ISO 22301 & ISO 31000 Strengthen Kuwaiti Bank Compliance
In 2025, Kuwait’s financial sector was shaken by a high-profile money laundering case involving dozens of individuals and major financial institutions, leading to massive fines, legal action, and significant reputational harm. The Central Bank of Kuwait responded forcefully, imposing written warnings and financial penalties on banks for lapses in anti-money laundering (AML) procedures, based on failures to comply with Law No. 106 of 2013 and related CBK instructions. This incident was a stark reminder that robust AML controls and proactive risk management are no longer optional—they are essential for operational survival( Arab Times Online on August 18, 2025). Against this backdrop, global standards like ISO 22301 and ISO 31000 have become invaluable for banks in Kuwait, providing the necessary frameworks to not only prevent such crises but also meet the exacting requirements of the Central Bank of Kuwait. Implementing ISO 31000 strengthens the bank’s approac...