Commerce: 155,000 Dinars in Fines for Money Laundering and Terrorist Financing Violations

The Ministry of Commerce and Industry announced the imposition of financial fines totaling 155,000 Kuwaiti dinars on a number of establishments for violating the provisions of Law No. 106 of 2013 concerning the combating of money laundering and the financing of terrorism, as well as related decisions.

In a statement relayed by the Kuwait News Agency (KUNA), the ministry said the fines relate to violations detected between January and August of last year, as part of the implementation of requirements set forth in regulations, policies, and procedures for specified non-financial activities and professions in the field of combating money laundering and the financing of terrorism.

The ministry clarified that the violations included the real estate brokerage sector, due to the failure to notify the Kuwait Financial Intelligence Unit within one business day upon detecting indicators suggesting transactions potentially linked to money laundering. A fine of 5,000 dinars was imposed for each violation, totaling 20,000 dinars for four violations.

It further added that the violations extended to gold and precious stones trading activities, where a fine of 5,000 dinars was levied on each of the 27 establishments operating in the jewelry sector, amounting to a total of 135,000 dinars, for failing to comply with the requirement to report suspicious cases within the stipulated deadline.

The ministry affirmed its continued supervisory efforts to verify compliance with governing laws and decisions, prevent the misuse of commercial and financial activities for money laundering or the financing of terrorism, and take necessary actions against violators to enhance the integrity of financial and commercial transactions.