Trade fines of 155,000 KD for AML violations
The Kuwaiti Ministry of Commerce and Industry has imposed fines totaling 155,000 Kuwaiti Dinars on entities violating anti-money laundering and terrorism financing laws. The violations included failure to notify the Financial Intelligence Unit within one working day, particularly in the real estate brokerage and gold and precious stones trading activities. The total violations in the real estate sector amounted to four violations with a fine of 20,000 Dinars, while in the jewelry and precious metals trade, 27 establishments conducting such activities faced a total of 135,000 Dinars in fines. The ministry continues its regulatory efforts to ensure compliance with legislation and to strengthen the integrity of financial transactions.
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