Kuwait: Reinforcing its commitment to ensuring compliance with local and international regulatory standards and requirements, Kuwait Financial Centre “Markaz” organized a refresher training program on ‘Know Your Client’ (KYC) protocols for the front, middle and back-office teams of its Wealth Management business line. The training sessions focused on the importance of conducting customer due diligence and risk management practices in view of the high regulatory importance of anti-money laundering (AML) measures.
The refresher was led by Mr. Sherry Oommen, Manager at Protiviti, one of the leading global business and risk consulting firms advising on risk, governance, internal controls, compliance, and related training. Mr. Oommen emphasised the key purpose of (KYC) day-to-day activities and discussed practical ways to approach clients for smooth collection of information and documents, and how to review and validate (KYC) information.
Abdullatif W. Al-Nusif, Managing Director, Wealth Management and Business Development at Markaz, commented: “A strong reputation for conducting business responsibly and in conformity with the highest ethical principles and all applicable laws and regulations has remained a key pillar of Markaz continued success over the years. We have always ensured to equip our employees with the knowledge necessary to comply with local and international standards efficiently and effectively and manage money laundering and other risks. The refresher comes as a testimony to our Wealth Management department’s commitment to increasing clients’ wealth within a completely compliant and properly safeguarded business.”
As part of its ongoing training programs and initiatives aimed at developing the professional competence of its employees, Markaz recently organised a masterclass for its executive and senior management leaders. Titled “Strategic Marketing for Niche Services” and delivered by renowned branding and marketing expert Fergus Wallace, the masterclass explored how the highly successful Markaz brand can be leveraged to feed and inform a business strategy that resonates with clients and stakeholders and that drives further growth and expansion.
About Kuwait Financial Centre “Markaz”
Established in 1974, Kuwait Financial Centre K.P.S.C “Markaz” is one of the leading asset management and investment banking institutions in the MENA region with total assets under management of over KD 1.04 billion as of 31 December 2021. Over the years, Markaz has pioneered innovation through developing new concepts resulting in the creation of new investment channels. These channels enjoy unique characteristics and helped Markaz widen investors’ horizons. Examples include Mumtaz (the first domestic mutual fund), Idikhar (the first money market fund in Kuwait), MREF (the first real estate investment fund) and Forsa Financial Fund (the first and only options market maker in the GCC since 2005), all conceptualized, established and managed by Markaz. Markaz was listed on the Boursa Kuwait in 1997.