Commerce Ministry boosts anti-money laundering controls

Marwa Al-Juaidaan

KUWAIT CITY, May 6: The Kuwait Ministry of Commerce and Industry has been intensifying efforts to combat money laundering and terrorism financing, acting Undersecretary Marwa Al-Juaidaan said, reflecting a clear commitment to protect national economy and strengthen investor confidence in Kuwait market. In an interview with Kuwait News Agency (KUNA), Al-Juaidaan said the ministry continued to develop regulatory mechanisms by updating evaluation and classification procedures and enhancing coordination with relevant authorities.

“This ensures rapid detection of violations and thus take necessary measures, contributing to a business environment based on integrity and compliance with laws,” she added. In this context, she noted that the Ministry of Commerce and Industry issued in March, Ministerial Resolution No. (25) of 2026, regulating the matrix of violations and penalties related to anti-money laundering (AML) and counter-terrorism financing (CTF) for designated non-financial businesses and professions. She explained the resolution was based on Law No. (106) of 2013, establishing a framework for classifying violations according to risk level (low, medium and high), with corresponding administrative and financial penalties for each category. Al-Juaidaan added the resolution included warnings and varying financial fines for low-risk violations, with escalating penalties for medium- risk violations that may reach suspension or revocation of licenses.

High-risk violations, she said, carried stricter penalties such as large fines, suspension of activity, or license withdrawal, especially in serious cases like dealing with sanctioned individuals or failing to report suspicious transactions. She stated that the 2025 report of the Anti- Money Laundering and Counter-Terrorism Financing Department showed increased effectiveness of the oversight system, with a total of 930 violations distributed across the jewelry sector and real estate brokerage activities. She added that the ministry continued to intensify monitoring and expand awareness efforts to achieve the highest levels of compliance across sectors, noting that the diversity of violations and measures taken reflected a comprehensive risk-based regulatory approach targeting the most vulnerable activities.

Al-Juaidaan pointed out that the jewelry sector accounted for the largest share of violations, with 544 cases, including 517 written warnings, 15 financial fines, and 12 compliance orders, refl ecting stricter oversight of precious metals and gemstones trading. She said 386 violations were recorded in real estate brokerage, including 370 written warnings, nine financial fines and seven compliance orders, emphasizing close monitoring of this vital sector. She noted that total penalties included 887 written warnings, 24 financial fines, and 19 compliance orders, highlighting the range of regulatory tools used to enhance compliance.