KUWAIT CITY, June 2: The Kuwaiti Ministry of Commerce and Industry announced on Sunday a final 10-day deadline for institutions and companies to disclose the identity of their beneficial owners—the individuals who exercise ultimate control over the company—to avoid legal penalties.

In a statement to the Kuwait News Agency (KUNA), the ministry said the move aims to enhance transparency and align with international standards for combating money laundering and terrorism financing. The ministry emphasized that compliance demonstrates the seriousness of companies in organizing their data and boosting credibility.

The ministry warned that failure to submit the required information will result in financial fines, noting that disclosing the beneficial owner is a mandatory legal requirement. It described the deadline as a final opportunity to avoid violations and urged all concerned parties to take immediate action.

The “beneficial owner” refers to the natural person who holds actual control over the company, whether as a manager, decision-maker, largest shareholder, or a combination of these roles. The disclosure requirement is intended to promote transparency in economic and financial transactions and provide critical information to law enforcement, judicial authorities, and regulatory bodies.

Companies must register and submit the required details through the Ministry of Commerce and Industry’s Commercial Registry Portal by selecting "Corporate User," logging in with the "My Identity" application, and following the provided steps to complete the process.