Ministry of Commerce: KD 141,500 in fines in the second quarter

The Ministry of Commerce and Industry announced that the total amount of financial fines imposed by the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Administration during the second quarter of this year reached 141,500 Kuwaiti dinars. These fines were distributed across 83 penalties targeting activities related to gold and silver jewelry, precious metals, gemstones, and real estate brokerage.

In a statement, the Ministry said these measures are part of its efforts to enhance compliance with regulatory requirements and combat money laundering and the financing of terrorism.

It added that the Sanctions and Penalties Enforcement Department issued 216 compliance orders specifying particular measures, imposed 80 financial fines totaling 135,500 dinars, and issued 212 written warnings against entities operating in the gold and silver jewelry, precious metals, and gemstones sector. Additionally, there were 93 requests to appoint compliance officers for this sector.

The Ministry clarified that the Department also issued 134 compliance orders specifying particular measures, imposed three financial fines totaling 6,000 dinars, and issued 117 written warnings against real estate brokerage entities. It noted that the number of requests to appoint compliance officers for this sector reached 38.

The Ministry stated that the total number of compliance orders specifying particular measures reached 350, while the total number of written warnings amounted to 329. The total number of requests to appoint compliance officers reached 131 during the same period.

The Ministry reported that the Supervision and Inspection Department continued its regulatory oversight of supervised activities. In the gold, gemstone, and precious metals sector, classified as "high risk," four cases were categorized as "comprehensive." Under the "medium risk" classification, there were five "comprehensive" cases and 358 "objective" cases. The "low risk" classification included two "objective" cases and 98 "social" cases. Within the "other" category, 118 "objective" cases, five "social" cases, and 61 "ad hoc" cases were recorded.

Regarding real estate brokerage activities, the "high risk" classification recorded four "comprehensive" cases. The "medium risk" classification included three "comprehensive" cases and 39 "objective" cases. The "low risk" classification recorded nine "social" cases. Under the "other" category, 20 "objective" cases and one "social" case were recorded.

The Ministry affirmed its continued application of regulatory and enforcement measures on entities under its supervision, aiming to raise compliance levels and enhance the effectiveness of the anti-money laundering and counter-financing of terrorism framework in accordance with approved regulatory standards.