"Exchange Union": Combating Electronic Fraud to Protect Customers

The President of the Kuwait Union of Exchange Companies, Abdullah Al-Mulla, affirmed the sector’s commitment to enhancing the security of financial transactions and combating cyber fraud, highlighting cooperation with the Central Bank of Kuwait and relevant authorities to counter cyber threats, protect customers, and bolster confidence in Kuwait’s financial system.

Speaking to the Kuwait News Agency (KUNA) on Thursday, Al-Mulla noted that exchange companies operate under the close and continuous supervision of the Central Bank of Kuwait, which plays a pivotal role in strengthening regulatory standards, good governance, and compliance practices across the sector. He pointed out their participation in the Aman Central Platform for processing reports of cyber fraud.

He explained that the Union plays a supportive role by bringing member companies together, facilitating communication with relevant authorities, and providing a platform to discuss regulatory developments and shared challenges facing the sector.

Al-Mulla praised the proactive efforts undertaken by the Central Bank and relevant national authorities to enhance regulatory standards, particularly in the areas of combating money laundering, terrorist financing, and the financing of weapons of mass proliferation. He emphasized that continued cooperation between official bodies and the private sector contributes to building a stronger, more transparent, and competitive exchange sector in Kuwait.

He commended the leadership role of the Central Bank of Kuwait, its constructive initiatives, and its ongoing collaboration with relevant national authorities to strengthen the financial sector, safeguard the stability and integrity of Kuwait’s financial system.

Al-Mulla highlighted that the exchange sector faces several challenges, including the rapid evolution of digital payment technologies, changing customer expectations, rising operational costs, and the need for continuous enhancement of compliance and cybersecurity controls.

He stated that the primary focus of exchange companies remains on adopting digital technologies, investing in professional expertise, and strengthening monitoring systems to effectively address these challenges, meet evolving customer expectations, and protect their interests while ensuring the continued provision of safe, efficient, and reliable financial services.

Regarding cyber threats and sophisticated fraud, Al-Mulla said that exchange companies work closely with the Cyber and Operational Resilience Working Group, established by the Central Bank of Kuwait, through regular reporting of detected cyber threats and incidents via a dedicated communication channel.

He added that exchange companies are working to meet the requirements of the Cyber and Operational Resilience Framework issued by the Central Bank of Kuwait on December 3, 2025, which enhances their capacity to prevent, respond to, and recover from emerging cyber threats.

On the issue of cyber fraud, Al-Mulla noted that exchange companies recently participated in the Aman Central Platform for processing cyber fraud reports, facilitating timely coordination between financial institutions and relevant authorities.

He pointed out that the Union played an active role in coordinating with the Kuwait Banks Association and facilitating the participation of member companies in the platform.

He affirmed that these joint efforts reflect the commitment of the Central Bank of Kuwait, relevant national authorities, the Kuwait Banks Association, and the Kuwait Union of Exchange Companies to combat cyber threats and financial fraud, protect customers, and enhance confidence in Kuwait’s financial system.