Kuwait International Bank (KIB) set to enforce FATCA

Kuwait International Bank has completed all the requirements to register with the US Internal Revenue Service (IRS) regarding the enforcement of FATCA, said the bank’s Board Chairman Sheikh Muhammad Al-Jarrah Al-Sabah, in a press statement.

Kuwait state news agency KUNA reported him as saying that to ensure total compliance with the IRS, the bank employed the services of an international consulting firm, noting that KIB was ‘among the vanguard’ of banks in the Gulf and Middle East region responding to the IRS’s request for registration. KIB, he stressed, was fully ready to apply FATCA rules and regulations.

KIB CEO Luay Maqamas added that the bank would inform its customer base from now and in the near future that they should update their personal information with the bank, especially those who are US citizens or residents.