Kuwait Issues KD 141,500 in Fines to Boost AML Compliance
Ministry steps up oversight of jewelry and real estate sectors to combat money laundering and terrorism financing.
The Ministry of Commerce and Industry imposed fines totalling KD 141,500, or about $454,800, during the second quarter of this year as part of its ongoing efforts to improve compliance and fight money laundering and terrorism financing. In a statement to KUNA on Wednesday, the ministry said the fines were issued in 83 cases involving businesses in gold and silver jewellery, precious metals and gemstones, as well as real estate brokerage.
The Penalties and Sanctions Enforcement Section issued 216 orders for specific corrective actions, along with 80 fines worth KD 135,500, or around $435,600, and 212 written warnings to businesses in the gold, silver jewelry, precious metals and gemstones sector. The ministry also received 93 applications for the appointment of compliance officers in this sector. For real estate brokerage firms, the section issued 134 orders for specific procedures, three fines worth KD 6,000, or about $19,300, and 117 written warnings.
In total, the ministry received 38 applications for the appointment of compliance officers in the real estate brokerage sector. Overall, it issued 350 orders for specific procedures and 329 written warnings, while receiving 131 applications for compliance officer appointments during the second quarter. The Control and Supervision Department also continued monitoring activities under the ministry’s oversight and carried out risk assessments across the targeted sectors.
In the jewelry, precious stones and precious metals sector, cases were classified based on comprehensive, objective, social and emergency risk criteria, including high- and medium-risk levels. In the real estate brokerage sector, the classifications also included high-risk, comprehensive, objective and social categories. The ministry said it will continue its supervisory and enforcement measures to strengthen compliance, improve oversight and support Kuwait’s anti-money laundering and counter-terrorism financing system in line with approved regulations.— KUNA
AI contributed to the creation of this article.