The Central Bank of Kuwait has imposed four financial penalties totaling KWD 60,000 on a local bank and a foreign bank branch following inspections of their compliance with requirements to combat money laundering, terrorist financing and proliferation financing. The local bank received two penalties totaling KWD 40,000, while the foreign bank branch received two totaling KWD 20,000.
The local bank breached the central bank’s instructions of Feb. 16, 2023, on combating money laundering and terrorist financing, including a repeat violation of one provision. The foreign bank branch violated circulars dated May 8, 2025, concerning guidance on beneficial ownership, and July 31, 2025, concerning guidance on combating proliferation financing. The penalties were imposed under Article 15 of Law No. 106 of 2013 on combating money laundering and terrorist financing, as amended.