Banks and exchanges must report fictitious owners
Kuwait is working to enhance the transparency of the beneficial owner data by implementing new measures, including mandating banks, money transfer companies, electronic payment service providers, and media to report immediately upon discovering inaccurate information in the Beneficial Owners Registry maintained by the Ministry of Commerce. This effort aims to strengthen the fight against money laundering and terrorism financing. These steps are part of Kuwait's broader efforts to avoid being placed on the grey list and to meet international standards by scrutinizing data and taking the necessary legal measures.
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