Brokerage company fined for violations

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KUWAIT CITY, Sept 29: The Capital Markets Authority (CMA) has announced that the Disciplinary Board imposed a fine of KD4,000 on a financial brokerage company for violating anti-money laundering and financing terrorism regulations when it excluded politically exposed persons from the factors affecting the classification of its clients, reports Al-Rai daily. The authority’s inspection team discovered that the company classified eight clients as ‘low risk’ despite knowing that they are under the politically exposed persons category; including a former prime minister, a former Ministry of Interior undersecretary, an ambassador, a diplomat and an assistant undersecretary at the Amiri Diwan.

This is in addition to another client classified as ‘low risk’ although the latter’s sister is a politically exposed person; and 10 other clients were classified as ‘low risk’, even though they are nationals of high risk countries. Meanwhile , the Ministry of Commerce and Industry (MCI) said food distribution which will be distributed to frontline workers – citizens and expatriates – for six months, those who supported the ministries of health and Interior in the fight against the Covid-19 pandemic is not linked to the cash rewards, reports Al-Rai daily. The ministry said it has allocated 50 million dinars for ‘ration’ distribution and is waiting for officials of the logistics department to complete the formalities.

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