The Insurance Authority issued a circular regarding the assessment of national risks

The Insurance Regulatory Authority issued Circular No. (17) of 2026 concerning the National Risk Assessment reports, urging all entities under its supervision to review the published reports and utilize them when updating their assessments and supervisory procedures. In a circular issued yesterday, the Authority clarified that the circular complements national efforts aimed at enhancing the effectiveness of the anti-money laundering and counter-terrorist financing and counter-proliferation financing framework. It noted that the Kuwait Financial Intelligence Unit has published executive summaries of the National Risk Assessment reports on its official website, under the Reports and Indicators section. The published reports, in Arabic, include the executive summary of the terrorist financing risk assessment, the risk assessment of non-profit organizations, the cross-border money laundering and terrorist financing risk assessment, the money laundering threat risk assessment, the risk assessment of legal persons and legal arrangements, as well as the virtual assets risk assessment. The Insurance Regulatory Authority emphasized the necessity for companies and entities subject to the provisions of Articles (2) and (3) of Law No. 125 of 2019 to study the contents of these reports and leverage their findings, indicators, and risks relevant to their business activities. It added that this should be reflected in the review and updating of their institutional risk assessments, policies, procedures, and internal controls, in accordance with the risk-based approach.