Times Kuwait, 11 June 2026: The Central Bank of Kuwait (CBK) has intensified supervision of exchange companies, imposing heavy penalties and corrective measures to strengthen defenses against money laundering and terrorist financing.
CBK inspections uncovered violations of AML and CTF regulations under Kuwait Law No. 106/2013, leading to unusually high fines by sector standards. In addition to financial sanctions, several companies were temporarily suspended from specific activities and instructed to appoint CBK‑approved consulting firms to review compliance, governance, and risk‑management frameworks.
The consulting firms will conduct comprehensive assessments, identify vulnerabilities, and recommend improvements to enhance transparency and reliability of financial transfer data. Exchange companies must submit detailed remediation plans addressing regulatory observations, strengthen customer due diligence, maintain accurate beneficial ownership records, and ensure regular verification of customer information.
CBK has also mandated the development of robust compliance programs supported by advanced monitoring systems capable of detecting suspicious transactions. Particular focus will be placed on large or frequent transfers without clear commercial purpose and transactions linked to high‑risk jurisdictions or conflict zones.
For the full story, click here.