No bank loans for fraudsters

December 20, 2018

KUWAIT CITY, Dec 19: The Central Bank of Kuwait (CBK) plans to put in place a mechanism to prevent counterfeiters and fraudsters from borrowing money from banks, reports Al-Rai daily quoting knowledgeable sources.

The sources pointed out that the move comes within the framework of the Central Bank’s response to cases of embezzlement, fraud and forgery experienced by banks.

The sources cited examples of this, such as forged salary certificates, false invoices, and so on, which customers need to submit to banks prior to obtaining the loans.

The Central Bank has asked the Union of Banks to study the issue to establish the required executive procedures on how to include the credit data available by the Credit Information Network for customers who have earlier provided forged documents at any of the banking and financial units.

The sources stressed there is a need to determine rules and bases, whether technical or legal to include names of people, and the time periods during which the names will be listed, and which will be binding on all the banking units and financial system.