Central Bank of Kuwait slaps fines on bank, e-payment firm for AML breaches
These actions were taken under Article 15 of Law No. 106/2013 for the combating of money laundering and terrorist financing. The penalties and measures were based on the findings of an inspection mission, which assessed the bank's compliance with regulations related to anti-money laundering, counter-terrorist financing, and the prevention of financing the proliferation of weapons of mass destruction, in line with the directives of the Central Bank of Kuwait.
The Central Bank of Kuwait stated that an order was issued to take specific measures and impose two penalties due to violations of Clause 10 /1, Paragraphs 1 and 2a and repeated violations of Clause 13/1 of the instructions issued on February 16, 2023, concerning combating money laundering and terrorist financing. In addition, the Central Bank of Kuwait decided to impose a financial penalty of KD 20,000 on an electronic payment service provider in Kuwait. This penalty was imposed for violating Clause 7 of the instructions issued on July 5, 2023, related to combating money laundering and terrorist financing for electronic payment service providers and electronic money service providers.
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