Kuwait steps up inspections of money exchange offices
KUWAIT CITY, April 1: Minister of Commerce and Industry, Khalifa Al-Ajeel, launched a comprehensive inspection campaign on Tuesday targeting money exchange offices in Kuwait. This initiative is part of the country's efforts to meet the requirements of the Financial Action Task Force (FATF) and strengthen its measures against money laundering and terrorism financing.
In a press statement during the inspection, which focused on areas with high concentrations of money exchanges, Al-Ajeel emphasized the importance of this evaluation for the future economic situation of the country. This campaign is in line with a decision made by the Cabinet last October to intensify efforts and promote greater cooperation between government agencies to meet international standards. The goal is to preserve Kuwait's reputation and international standing.
The Minister further explained that the campaign was designed to enhance financial transparency and ensure that all institutions comply with regulatory frameworks. This will help protect the national economy and improve Kuwait's position in international financial assessments. Al-Ajeel noted that the initiative also serves to fulfill the FATF requirements for evaluating Kuwait's efforts to combat money laundering and terrorism financing. The FATF is one of the key regulatory bodies responsible for enforcing the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) law.
The inspection drive aims to ensure that companies and institutions comply with the regulations set by the Central Bank of Kuwait, following the expiration of the deadline for licensing holders on March 31. According to a statement from the Ministry, the tour included 138 exchange shops that are involved in currency exchange activities, which fall under the supervision of the Ministry of Commerce and Industry.
During the initial day of inspections, most of the exchange offices were found to be closed, with only one violation detected. The Ministry confirmed that inspection teams would continue to monitor compliance at these exchange shops.
These efforts are based on Cabinet Resolution No. (552), issued during a meeting held on June 11, 2024, which mandates the transfer of oversight of exchange shops from the Ministry of Commerce and Industry to the Central Bank of Kuwait. Additionally, the Ministry is enforcing Ministerial Resolution No. (233) of 2024, which regulates the operations of exchange companies and institutions in alignment with Central Bank requirements.
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