MCI imposes fines on 4,106 companies failing to disclose beneficial owners
Step is in line with Kuwait’s efforts to implement the Financial Action Task Force (FATF) recommendations on anti-money laundering and combating terrorism financing.
The Ministry of Commerce and Industry has started issuing KD 1,000 fines to 4,106 companies that failed to disclose their beneficial owners before the official deadline, which ended last Tuesday.
These companies, excluding those listed on the stock exchange, now face a collective penalty totaling KD 4.106 million.
Sources confirmed to Al-Rai that this step comes in line with Kuwait’s efforts to implement the Financial Action Task Force (FATF) recommendations on anti-money laundering and combating terrorism financing.
Out of 151,965 registered companies, 146,965 (97.28 percent) have complied with the disclosure requirements.
Among the violators, the majority were personal companies, with 3,200 failing to comply out of 114,291. Additionally, 755 sole proprietorships and 150 joint-stock companies also did not meet the deadline.
The KD 1,000 fine represents the initial phase of enforcement. Officials stated that the penalty will be increased to KD 10,000 for companies that continue to violate disclosure regulations in the coming period.
