Gold transactions limited to verified owners
The Kuwaiti Ministry of Commerce has updated the regulations regarding anti-money laundering and counter-terrorism financing in the gold and precious metals sector, as well as in real estate. This includes risk assessments of clients, documentation of the identities of beneficial owners, strict oversight of large and complex transactions, a ban on cash dealings in sales and inventory operations, and mandatory reporting of suspicious transactions to the relevant authorities. Additionally, the procedures for verifying and authenticating data have been intensified, a compliance supervisor at the highest level has been appointed to ensure adherence, and the scope of the regulations has been expanded to cover new products and technologies, all aimed at reducing the risks of money laundering and terrorist financing in these sectors.
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