Trade Ministry: KD 135,000 in Fines for 31 Establishments

The Kuwaiti Ministry of Commerce and Industry imposed financial fines totaling 155,000 Kuwaiti dinars on 31 establishments, including real estate brokers and dealers in gold, gemstones, and precious metals, for failing to report suspicious transaction cases between January and August 2026. The ministry stated in a statement yesterday that the fines are part of the efforts by the Anti-Money Laundering and Counter-Terrorist Financing Administration to monitor compliance by entities subject to the provisions of Law No. 106 of 2013 concerning the prevention of money laundering and terrorist financing, as well as relevant ministerial decisions. According to the statement, the penalties included fines of 20,000 dinars imposed on four real estate brokers, amounting to 5,000 dinars per violation. The fines imposed on 27 establishments engaged in the trade of jewelry and precious metals totaled 135,000 dinars, at a rate of 5,000 dinars per establishment. The violations concerned the failure to notify the Kuwait Financial Intelligence Unit when suspicious indicators of a transaction were identified within two working days.