Anti-Money Laundering Storm Hits Kuwait Gold Shops as Authorities Record 134 Financial Violations

KUWAIT CITY, May 12: Field teams from the Anti-Money Laundering and Counter-Terrorism Financing Department at the Ministry of Commerce and Industry have continued inspection campaigns targeting gold and precious metals shops across various governorates in Kuwait, resulting in the detection of multiple violations and suspicious transactions.

Authorities said a total of 206 shops were inspected, leading to 134 recorded violations and the imposition of financial fines. The violations included failure to identify the beneficial owner of transactions, lack of due diligence and enhanced due diligence procedures, and conducting cash transactions in breach of regulations.

Officials also noted 150 cases involving suspicious indicators, where establishments failed to report to the Financial Investigations Unit. In addition, inspectors found that some employees lacked sufficient awareness of anti-money laundering and counter-terrorism financing laws and procedures.

The ministry stressed that inspection campaigns will continue across all relevant sectors to strengthen compliance, enhance financial transparency, and combat illicit financial activities.