| HSBC-Kuwait lauds transparency, financial control of Kuwaiti firms |
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Kuwaiti companies enjoy high levels of transparency in financial transactions and are applying one of the most efficient programs to fight money laundering and corruption, said Regional Head of Honk Kong and Shanghai Banking Corporation (HSBC) Global Payments and Cash Management business in the Middle East and North Africa Natasha Patel.
In a press statement during her visit to Kuwait, Patel said that the Gulf Cooperation Councils (GCC) firms also have strict control over their financial transactions which make money laundering and financial crimes very difficult and easy to discover in this region.
She added that its branches in the GCC region are applying highly-sophisticated and accurate control systems to fight money laundering activities and counter all financial crimes.
Kuwait is a strategic market for HSBCs payments and cash management services, she said, noting the bank has a cumulative experience in this domain.
Patel pointed out that HSBCs focus in Kuwait will also be on bringing the world of international financial services to its customer base to help them achieve their growth ambitions.
HSBC is committed to support the government initiatives to build Kuwaits economy, she underlined.
With regard to the challenges facing the market, Patel highlighted the increase in over risk to business due to the growing instability of socio-economic conditions globally and in the Middle East.
The challenges also include swing in currency rate; fluctuating demand from Europe, China and USA; rising operating costs and fees as well as the increasing compliance related costs and delays.
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| Time Added: 2012-09-13 12:08:55 |
Source: gulfbase |
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