Discovery of Beneficial Owner Data Mismatches in Thousands of Companies and Commercial Licenses
The Ministry of Commerce and Industry has begun implementing new measures to identify beneficial owners after detecting thousands of violations in companies and commercial licenses due to data discrepancies.
Translated by Qiyas from الراي — Original source
- The financial penalty ranges from 1,000 to 10,000 Kuwaiti dinars.
- Anyone holding 25% or more of a company must register themselves as the beneficial owner.
As part of implementing the law and verifying compliance with disclosure requirements in accordance with the provisions of the Anti-Money Laundering and Counter-Terrorist Financing Law, officials at the Ministry of Commerce and Industry have begun enforcing new procedural measures regarding the disclosure of beneficial owners in companies and commercial licenses.
In this regard, the Ministry has identified thousands of violations in companies and commercial licenses related to strict enforcement of beneficial ownership disclosure rules, specifically concerning discrepancies between the beneficial owner’s data and the records of these entities.
According to the Ministry’s review of the beneficial ownership data submitted in the list of companies and commercial licenses subject to violations, it was found that the data did not match their records, and the individuals registered by the Ministry as beneficial owners were not among the registered partners.
Under the beneficial ownership disclosure requirements, anyone holding 25% or more of an entity must register themselves as the beneficial owner.
