FIU and CyNet sign MoU to fight money laundering, terrorism financing
A significant step forward in reinforcing the role of the private sector within Kuwait’s national anti-money laundering (AML) framework.
Kuwait’s Financial Intelligence Unit (FIU) signed a memorandum of understanding (MoU) today with the Kuwait Credit Information Network (CyNet) to strengthen the exchange of credit information and enhance joint mechanisms for combating money laundering and terrorist financing.
Speaking to the Kuwait News Agency (KUNA), FIU Head Dr. Hamad Al-Mekrad said the agreement is part of a broader strategic effort to deepen cooperation with key players in the financial ecosystem—especially credit institutions that serve as early warning points for suspicious financial activity.
Dr. Al-Mekrad described the MoU with CyNet as a significant step forward in reinforcing the role of the private sector within Kuwait’s national anti-money laundering framework. He praised CyNet’s adherence to regulatory standards and its work in developing a robust and dependable data system.
He noted that the partnership aligns with the unit’s commitment to build a modern, agile regulatory environment — one that relies on accurate data and credit analytics to proactively identify financial risks.
Highlighting the importance of this collaboration, Dr. Al-Mekrad commended CyNet’s role in promoting financial cooperation and its intent to implement the MoU through secure and organized institutional linkages. He emphasized that the initiative supports national development goals and aligns with the ambitions of the “New Kuwait 2035” vision.
In a separate statement, CyNet CEO Mai Al-Awaish affirmed the company’s understanding of its critical role in bolstering Kuwait’s financial security. She noted that the MoU strengthens compliance frameworks and enhances overall system efficiency.
Al-Awaish added that protecting the financial system requires coordinated efforts between both public and private sectors. She emphasized that this partnership paves the way for a sustainable model of cooperation based on trust, data integrity, and mutual accountability.
CyNet, Kuwait’s sole provider of credit information and ratings, operates under the supervision of the Central Bank of Kuwait and in accordance with Law No. 9 of 2019 governing the exchange of credit information.
