KUWAIT CITY, Nov 24:  The Ministry of Commerce and Industry said Sunday it had identified multiple violations in the real estate brokerage and gold and precious metals trading sectors, underscoring its efforts to reinforce transparency and strengthen Kuwait’s anti-money laundering and counter-terrorism financing system.

In a press statement, the Ministry said the action reflects its national responsibility and legal duty to boost deterrence and elevate compliance across licensed establishments. Financial penalties were issued for infractions recorded during August, September, and October.

According to the Ministry, three real estate brokerage companies were fined 500 Kuwaiti dinars (approximately USD 1,627) each for failing to submit a risk assessment study that meets legal requirements and relevant ministerial decrees. The sector was also cited for failing to establish internal policies, procedures, systems, and controls aimed at combating money laundering and terrorism financing, resulting in another 500-dinar fine.

The report further detailed several violations in the gold, precious stones, and precious metals trading sector, including the failure to implement required internal anti-money laundering and counter-terrorism financing measures. That breach carried a fine of 500 dinars.

Another violation involved handling cash amounts exceeding 3,000 Kuwaiti dinars (approximately USD 9,770) in fewer than 50 invoices, drawing a penalty of 1,000 dinars (about USD 3,255). The sector was fined an additional 1,000 dinars for failing to apply due diligence measures on invoices above the same threshold.

The Ministry added that the sector was also penalized 500 dinars for failing to identify the beneficial owner of a purchase and maintain a clear beneficial ownership structure.

In its report, the Ministry said four companies operating in the gold and precious metals activity were also fined 500 dinars each for failing to submit a risk assessment study that complies with legal and ministerial requirements.