Kuwait central bank fines a bank and four exchange firms over AML breaches

The Central Bank of Kuwait has imposed financial penalties on entities under its supervision over breaches of anti-money laundering and counter-terrorism financing requirements. They include a KD 10,000 penalty on a local bank for repeated violations, and a written warning to a foreign bank branch, which must also take specific measures for breaching instructions on implementing UN Security Council resolutions issued under Chapter VII of the UN Charter. Exchange companies were fined a total of KD 80,000 (one company), KD 180,000 (a second) and KD 20,000 (a third), and a fourth exchange company received a further financial penalty, according to Mubasher.