Ministry of Trade: 155,000 dinars.. financial fines imposed on entities violating the money laundering law - Sarmad

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 combating of money laundering and terrorist financing, as well as related ministerial decisions.

In a statement to the Kuwait News Agency (KUNA), 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 related to combating money laundering and terrorist financing.

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, with a fine of 5,000 dinars imposed for each violation, totaling 20,000 dinars resulting from 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, with a fine of 5,000 Kuwaiti dinars imposed for each violation on 27 establishments engaged in jewelry and precious metals activities, totaling 135,000 dinars.

It reaffirmed its ongoing supervisory efforts to monitor the compliance of entities under its supervision with the provisions of legislation and decisions governing the combating of money laundering and terrorist financing, and to take necessary legal action against violators, thereby enhancing compliance and safeguarding the integrity of financial and commercial transactions.