Kuwait has introduced a comprehensive new regulatory framework for the gold, jewellery, and precious metals sector, requiring traders to issue official invoices for all transactions and comply with stricter anti-money laundering (AML) procedures aimed at boosting transparency and financial discipline.
The measures, circulated by the Anti-Money Laundering and Counter-Terrorism Financing Department at the Ministry of Commerce and Industry, form part of broader efforts to strengthen compliance standards and reduce illicit financial activity in the sector.
Under the new rules, all gold and precious metals transactions between traders must be documented through formal invoices. Businesses are also required to record the names of both buyers and sellers when completing purchases of precious metals.
For transactions exceeding KD 3,000, traders must retain copies of civil IDs or passports as part of enhanced customer due diligence requirements.
The regulations also mandate a full transition to electronic recordkeeping, replacing paper-based systems with digital platforms for daily sales tracking and annual inventory management, a local daily reports.
In a major shift toward digital payments, the ministry has restricted transactions in the sector to approved electronic payment channels only, including KNET, “Links,” “Wamd,” and Apple Pay, while completely banning cash transactions to reduce financial risks.
Traders are further required to submit suspicious transaction reports within 48 hours via the goAML platform, with non-compliance attracting fines of up to KD 5,000. The ministry also emphasized strict monitoring of politically exposed persons and customers from high-risk jurisdictions.
The new framework also introduces enhanced “Know Your Customer” (KYC) procedures, requiring detailed client information such as occupation, purpose of transaction, and source of funds.
Industry stakeholders say the reforms are designed to professionalize the market, curb informal trading practices, and ensure that gold transactions are backed by verified financial and operational legitimacy.
