Based on these findings it was concluded that Kuwait is fully meeting expectations in relation to sorting, preparing and validating the information. Kuwait is encouraged to continue its implementation process accordingly, to ensure its ongoing effectiveness.
Recommendations:
No recommendations made.
SR 2.5 Jurisdictions should agree and use, with each exchange partner, transmission methods that meet appropriate minimum standards to ensure the confidentiality and integrity of the data throughout the transmission, including its encryption to a minimum secure standard.
Findings:
In order to put in place an agreed transmission method that meets appropriate minimum standards in confidentiality, integrity of the data and encryption for use with each of its exchange partners, Kuwait linked to the Common Transmission System.
Based on these findings it was concluded that Kuwait is fully meeting expectations in relation to agreeing and using appropriate transmission methods with each of its partners. Kuwait is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.
SR 2.6 Jurisdictions should carry out all exchanges annually within nine months of the end of the calendar year to which the information relates.
Findings:
One exchange partner highlighted delays in the sending of information by Kuwait. Furthermore, this partner stated that the information has still not been received. Kuwait has confirmed that it is aware of these issues and will soon be addressing the situation.
Based on these findings it was concluded that, overall, Kuwait is meeting expectations in relation to exchanging the information in a timely manner. It was also noted that there is room for improvement with respect to the timeliness of exchanges. Kuwait is encouraged to continue to ensure the ongoing effectiveness of its implementation, including in relation to the area highlighted.
Recommendations:
Kuwait should ensure it sends information to all of its exchange partners in a timely manner.
SR 2.7 Jurisdictions should send the information in accordance with the agreed transmission methods and encryption standards.
Findings:
Feedback from Kuwait’s exchange partners did not raise any concerns with respect to Kuwait’s use of the agreed transmission methods and therefore with Kuwait’s implementation of this requirement.
Based on these findings it was concluded that Kuwait is fully meeting expectations in relation to sending the information in accordance with the agreed transmission methods and encryption standards. Kuwait is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.
SR 2.8 Jurisdictions should have the systems in place to receive information and, once it has been received, should send a status message to the sending jurisdictions in accordance with the CRS Status Message XML Schema and the related User Guide.
It should be noted that, as Kuwait exchanges information on a non-reciprocal basis and does not therefore receive information, it is not required to have in place systems to receive the information and provide status messages. SR 2.8 has therefore not been assessed in this case.
Findings:
Not applicable.
Recommendations:
Not applicable.
SR 2.9 Jurisdictions should respond to a notification from an exchange partner as referred to in Section 4 of the Model CAA (which may include Status Messages) in accordance with the timelines set out in the Commentary to Section 4 of the Model CAA. In all other cases, jurisdictions should send corrected, amended or additional information received from a Reporting Financial Institution as soon as possible after it has been received.
Findings:
While it is unclear whether Kuwait’s approach will ensure that corrected, amended or additional information is provided in a timely manner, it has not been tested and no such concerns were raised by Kuwait’s exchange partners in previous years and therefore with respect to Kuwait’s implementation of these requirements.
Based on these findings it was concluded that Kuwait appears to be meeting expectations in relation to responding to notifications from exchange partners and the sending of corrected, amended or additional information. Kuwait is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.