Ministry of Commerce: Fined Several Entities 155,000 KD for Violating Anti-Money Laundering and Counter-Terrorism Financing Law
The Ministry of Commerce announced fines totaling 155,000 KD against entities violating the Anti-Money Laundering and Counter-Terrorism Financing Law.
Translated by Qiyas from كونا — Original source
Kuwait City, October 13 (KUNA) -- The Ministry of Commerce and Industry announced on Tuesday 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 prevention of money laundering and the financing of terrorism, as well as related ministerial decisions.
In a statement to the Kuwait News Agency (KUNA), the ministry said the fines were levied for cases suspected during the period from January to August last year, based on Ministerial Decision No. 25 of 2026 regarding 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 for four 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 Kuwaiti dinars was imposed for each violation on 27 establishments engaged in jewelry and precious metals activities, totaling 135,000 Kuwaiti dinars.
The ministry affirmed the continuity 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. (End) A.A.M. / M.K.
