The Central Bank of Kuwait has approved a methodology for imposing penalties in line with Article (15) of Kuwait Law No. 106/2013, concerning combating money laundering and terrorist financing.

There will be the publication of penalties imposed on supervised entities to ensure transparency and adherence to international standards set by the Financial Action Task Force (FATF). The Central Bank aims to make penalties “effective, proportionate, and deterrent,” and align them with the severity of violations. The penalties, including written warnings and financial sanctions, are published on the Central Bank’s official website to promote transparency and regulatory compliance.

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