Kuwait Tightens Anti-Money Laundering Rules for Gold and Real Estate

The new measures, issued by Kuwait’s Minister of Commerce and Industry Osama Al-Boodai, require companies to strengthen customer checks, monitor transactions more closely and report suspicious activity to the Kuwait Financial Intelligence Unit.

Stricter Checks for Gold Businesses

Under the new rules, companies dealing in gold, precious stones and other precious metals must assess the risks associated with customers and transactions before doing business.

Businesses will need to verify the identity of customers and beneficial owners, identify politically exposed persons and apply additional checks to customers considered high risk. They must also keep detailed records and provide employees with appropriate compliance training.

The rules also prohibit businesses from dealing with anonymous customers or people using false identities. Where required, companies must verify identification documents and information about who ultimately owns or controls a business.

Real Estate Sector Faces Similar Requirements

Real estate brokers and intermediaries are also being placed under stronger compliance obligations.

Businesses will have to verify customers and beneficial owners, understand corporate ownership structures and continuously monitor transactions based on their risk level. Records must generally be maintained for at least five years, while suspicious transactions must be reported to the Financial Intelligence Unit.

These measures are particularly important because property transactions and precious metals can involve large sums of money and complex ownership structures.

Suspicious Transactions Must Be Reported Quickly

The updated controls require businesses to take action when a transaction appears connected to criminal proceeds, money laundering or terrorist financing.

According to the new requirements, suspicious transactions or attempted transactions must be reported to Kuwait’s Financial Intelligence Unit within a maximum of two working days, regardless of the transaction's value.

Companies must also appoint senior-level compliance officers who can access customer and transaction information and report directly to management.

Kuwait Strengthens Its Financial Safeguards

The tougher rules come as Kuwait continues efforts to strengthen its anti-money laundering and counter-terrorist financing framework. The Financial Action Task Force (FATF) has previously highlighted the need for Kuwait to improve supervision and suspicious-transaction reporting in sectors such as real estate and precious metals.

For businesses, the new requirements mean greater responsibility for understanding where money comes from, who ultimately owns assets and whether transactions present financial-crime risks.

For Kuwait, the measures are another step toward making its financial and commercial sectors more transparent and better protected against money laundering and illicit financing.

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