Kuwait tightens AML rules for gold and real estate sectors
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New decisions boost monitoring, reporting, and compliance standards
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Minister of Commerce and Industry Osama Al-Boodai has issued two new decisions to strengthen anti-money laundering and counter-terrorism financing rules in Kuwait. The measures apply to traders in gold, precious stones and precious metals, as well as real estate brokers and intermediaries.
Under Decision 172, companies in the gold sector must put in place risk-based internal controls, carry out customer and beneficial owner checks, monitor transactions, report suspicious activity, keep records and train their staff.
Decision 173 applies similar risk-based rules to real estate businesses. They must verify customers and beneficial owners, understand ownership structures, keep records for at least five years and report suspicious transactions to the Kuwait Financial Intelligence Unit. — KUNA
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