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Other Assurance Services


📖Internal Control Review

The Capital Markets Authority requires each business entity to conduct an annual internal control review. As per compliance, the CMA must receive the report by March 31st of each year to increase operational efficiency, improve financial reporting effectiveness, and ultimately mitigate business risks while strengthening governance. For UHY Pillars to maintain compliance with this obligation, an independent registered auditor facilitates the submission of the report to the CMA.

📖AML-CFT Compliance Report

Companies and financial institutions in Kuwait must follow specific rules, known as Module 16, set by the Capital Markets Authority. These rules, called AML/CFT compliance, are crucial because they help prevent illegal activities like money laundering and financing terrorism. UHY Pillars has an independent auditor approved by the CMA. This auditor prepares a report on AML/CFT compliance, which must be sent to the CMA before March 1st every year. This ensures everyone follows the necessary regulations to keep the financial system safe.

📖Custodian IT Review

UHY Pillars is a registered auditor with the Capital Markets Authority (CMA) to provide an annual assurance report on behalf of licensed entities following Module Seven regarding clients' funds and clients' assets. This report should include evidence of the availability of the custodian's required IT systems for performing their responsibilities, as well as information on the client's assets, including any transfers of client funds to third parties.

📖Clients' Funds and Assets

The Capital Markets Authority has rolled out an electronic service on its website, where registered auditors can now electronically submit the necessary documents related to the annual report as described in Article 2-5 of the Seventh Book (Clients' Funds and Assets) in the Executive Regulations of Law No. 7 of 2010. This law deals with the creation of the CMA and the regulation of securities activities and any updates to it.

Starting from the start of 2024, all registered auditors under the Capital Markets Authority must use the electronic portal to send in these required documents.

📖Capital Adequacy Report

UHY Pillars provides a capital adequacy review service to help licensed persons meet regulatory requirements through quarterly reports. To Know more, Please contact us.

📖Internal Audit Quality Assessment

UHY Pillars is a comprehensive assessment framework for internal audit quality. It helps entities to evaluate and improve their internal auditing activities in accordance with the IIA’s International Standards for the Professional Practice of Internal Auditing. The framework is designed to evaluate the effectiveness and efficiency of an organization’s internal auditing operations, as well as to assess the compliance by internal auditors with the IIA’s code of ethics.

📖Examining and evaluating exchange companies' compliance with AML/CFT requirements 

As per the circular no  (2/رص/2024/542)  issued by CBK addressed to all exchange companies to assign
an audit office linked to a global audit office to conduct checks and assessments of the extent to which they comply with the requirements for AML/CFT  on a semi-annual basis. The report on the examination results must be submitted within 60 days of the end of the period to which the examination will be conducted.

It must apply to the Central Bank of Kuwait for approval of the name of the auditor, who will be assigned no later than 30/5/2024, together with a copy of the letter of assignment that will be directed to the auditor to perform the task.

UHY Pillars is an independent network of UHY International and has a specialized professional team to provide all the reports required for exchange companies on compliance with the AML/CFT requirements.

📖Examining and evaluating exchange companies' compliance with ICR requirements 

According to Circular No. (2/رص/2024/543) issued by the Central Bank of Kuwait, exchange companies must assign one of the audit offices linked to one of the international audit offices, to conduct examinations and evaluation of the internal control systems for the year 2023, along with submitting the corrective plan for the two ended periods. On 9/30/2024 and 12/31/2024, provided that the required report is submitted no later than 6/30/2024.

It must be submitted to the Central Bank of Kuwait to obtain approval for the name of the auditor who will be assigned no later than 5/16/2024, accompanied by a copy of the assignment letter that will be directed to the auditor to carry out the task.

UHY Pillars is one of the independent networks in the UHY Global network and has a specialized professional team to provide all reports required by exchange companies regarding the examination and evaluation of internal control systems.

📖AML/CFT Review for E-Payment and E-Money Services Companies

As per the  Central Bank of Kuwait (CBK) circular to  all electronic payment and electronic money service providers appoint one of the external audit firms affiliated with a global audit network (which must not be the company's current auditors) to conduct semi-annual reviews (on June 30 and December 31). These audits will assess compliance with international AML/CFT standards set by FATF (Financial Action Task Force).
The final audit report must be submitted within 60 days following the end of each review period. Additionally, companies must seek approval from the Central Bank for their appointed auditor no later than June 15, 2025, submitting along with the auditor's assignment letter authorizing them to perform this task.

📖ICR Review for E-Payment and E-Money Services Companies

As per  the Central Bank of Kuwait Circular No.(2/ رك/ 576/ 2025) addressed to all payment and electronic money service providers, it is mandated to appoint external audit firms affiliated with international entities (excluding the company's current auditors) to conduct a semi-annual review (as of 30 June and 31 December) to assess compliance and examine internal control systems. The final report must be submitted no later than 31 July each year. Additionally, the Central Bank must be informed of the appointed auditor's name by 15 June 2025, accompanied by an engagement letter assigning the auditor to carry out the task.

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