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.

This news has been read 13453 times!

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