Gold Shops in Kuwait's Mubarakiya Fined Over Money Laundering

06/05/2026

Gold Shops in Kuwait's Mubarakiya Fined Over Money Laundering

KUWAIT CITY, May 6: : The Anti-Money Laundering and Counter-Terrorism Financing Department at the Ministry of Commerce and Industry carried out a field inspection campaign in the Capital Governorate, targeting gold and precious metals shops in Mubarakiya.

The inspection teams visited 84 shops, uncovering multiple violations related to anti-money laundering and counter-terrorism financing requirements. As a result, financial fines were imposed for 47 violations.

The detected violations included:

● Failure to identify the actual beneficiary of purchase transactions.

● Failure to apply due diligence and enhanced due diligence procedures.

● Conducting cash transactions in violation of regulations.

The campaign also identified 28 cases involving suspicion indicators where establishments failed to notify the Financial Investigations Unit, as required by law.

Inspectors further found that some employees lacked sufficient knowledge of anti-money laundering and counter-terrorism financing laws, regulations, and required procedures.

The Ministry’s inspection campaign comes as part of ongoing efforts to ensure compliance among businesses dealing in gold and precious metals and to strengthen measures aimed at combating money laundering and terrorist financing.