Kuwait parliament Oks bill on regulating credit information

January 9, 2019

The National Assembly on Tuesday approved a bill stipulating regulations for credit information. The draft law, endorsed in the second reading, was supported by 45 members, with six objecting out of the present 51 legislators.

The voting took place after examining a relevant report by the parliamentary financial and economic committee. It stipulates clients' consent for inquiring about personal data and information according to executive by-laws; data presenters must supply the relevant company with clients' credit information, prohibiting circulation of information about persons' private life, views, beliefs or health condition; credit information companies must be subject to supervision by the Central Bank of Kuwait to ensure adherence to related laws.

Moreover, the credit information company must be a shareholding firm, with a capital no less than KD 25 million (some US$ 82 million). The CBK issues rules for regulating companies' operations, their dealings with the clients and the credit information companies. Offenders are punished with a year behind bars, a fine of KD 5,000 (US$ 16,000), or one of these two penalties.