The Central Bank of Kuwait imposed four financial penalties totaling KWD 930,000 on two unnamed local banks for violating its instructions on combating money laundering and terrorist financing.
One bank received two penalties totaling KWD 320,000, while the other received two totaling KWD 610,000. The breaches emerged from inspections assessing compliance with requirements to combat money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The penalties were imposed under Article 15 of Law No. 106 of 2013 on combating money laundering and terrorist financing, as amended.