Ministry of Commerce Imposes Fines Worth 155,000 Dinars on Several Entities

The Ministry of Commerce and Industry announced the imposition of financial fines totaling 155,000 Kuwaiti dinars on several entities for violating the provisions of Law No. 106 of 2013 concerning the fight against money laundering and the financing of terrorism, as well as related ministerial decisions.

In a statement, the ministry said the fines were imposed on cases suspected during the period from January to August last year, based on Ministerial Decision No. 25 of 2026 concerning the rules and procedures of the matrix of violations and measures for specified non-financial businesses and professions in relation to combating money laundering and the financing of terrorism.

It added that the violations included real estate brokerage activities due to the failure to notify the Kuwait Financial Intelligence Unit within two working days when there were suspicious indicators in a transaction. A fine of 5,000 Kuwaiti dinars was imposed for each violation, totaling 20,000 dinars resulting from four recorded violations.

The ministry clarified that the violations also included gold, gemstones, and precious metals trading activities due to the failure to notify the Kuwait Financial Intelligence Unit within two working days when there were suspicious indicators in a transaction. A fine of 5,000 dinars was imposed for each violation on 27 establishments engaged in jewelry and precious metals activities, totaling 135,000 dinars.

The ministry emphasized the continuation of its supervisory efforts to monitor the extent to which entities under its supervision comply with the provisions of legislation and decisions governing the fight against money laundering and the financing of terrorism, and to take necessary legal action against violators, thereby enhancing compliance and safeguarding the integrity of financial and commercial transactions.