Ministry of Commerce: 172% increase in applications for the “Compliance Officer” position in May
The Ministry of Commerce and Industry revealed a notable growth in the total number of applications for the appointment of a “Compliance Officer” submitted by companies during May, with the total number of applications surging by 172 percent to reach 68 applications, compared to only 25 applications recorded in April.
Statistics issued by the Ministry of Commerce and Industry showed that the gold and silver jewelry, precious metals, and gemstones sector accounted for the largest share of total applications, with 41 applications in May, compared to 20 in April, representing a growth rate of 105 percent.
Conversely, the real estate brokerage sector recorded the highest percentage change, reaching 440 percent, as applications for the appointment of a Compliance Officer in this sector jumped from just 5 in April to 27 in May, indicating real estate companies’ commitment to new regulatory requirements and anti-money laundering measures.
In a related development, the Ministry tightened its regulatory oversight and field monitoring through its Sanctions and Penalties Enforcement Department. The total measures taken against non-compliant companies in the real estate and precious metals sectors reached 58 penalties in May, marking an overall increase of 222 percent compared to April.
In the gold and silver jewelry, precious metals, and gemstones sector, there were directives involving compliance with specific procedures, including the issuance of 13 orders, an 86 percent increase from the previous month. Additionally, 23 written warnings were issued to precious metals entities, reflecting a record growth of 360 percent. Furthermore, financial fines totaling 25,200 Kuwaiti dinars were imposed on non-compliant companies.
Regarding the real estate brokerage sector, measures taken against non-compliant real estate companies were limited to issuing only four written warnings during the month, bringing the total number of penalties in this sector to four measures.
