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كويت نيوز
Kuwait Commerce Minister Acts on Money Laundering
The Kuwaiti Minister of Commerce and Industry, Osama Boodai, issued two ministerial decisions regulating compliance with anti-money laundering and-counter-terrorism financing measures in the sectors of gold and gemstone trade, precious metals, as well as the brokerage and real estate intermediary professions. The two decisions require the implementation of internal policies and procedures based on risk assessment, including customer identification, transaction monitoring, and reporting of suspicious operations, with a commitment to retain records for no less than five years. The aim of these decisions is to enhance compliance and oversight, standardize procedures to support efforts against money laundering and terrorism financing, and to annul previous related decisions.
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