Mandatory registration for brokers and jewelers on the Ministry of Finance's alert system is required by July 31.
**Kuwait Mandates Registration for Real Estate Brokers and Precious Metals Dealers**
In a significant move to enhance regulatory oversight and ensure compliance with national laws and international standards, the Ministry of Foreign Affairs (MoFA) in Kuwait has mandated all real estate brokers and precious metals dealers to register with its automated alert system by July 31, 2025.
The registration is a compulsory requirement, as urged by the Ministry, and forms part of broader efforts to improve compliance and oversight in these sectors. The system, under the jurisdiction of MoFA, is designed to keep businesses informed in real time about relevant updates to sanctions lists, particularly those related to counterterrorism and the financing of arms proliferation.
The Ministry of Commerce and Industry has requested all concerned parties to act quickly to complete the registration. Failure to comply with this requirement by the deadline will result in financial penalties, according to the legal provisions. The Ministry has emphasized the importance of timely registration, stating that non-compliance may lead to regulatory violations.
This move aligns with Kuwait's commitment to international standards on combating money laundering, terrorism financing, and arms proliferation. The Ministry's intention is to prevent potential legal issues and regulatory violations, thereby ensuring that businesses in the targeted sectors operate within the law.
The automated alert system will provide businesses with critical information, enabling them to maintain a high level of compliance and transparency. The system's implementation is a step forward in Kuwait's ongoing efforts to strengthen its financial system and combat illicit activities.
The information about this registration requirement was reported by Al-Rai daily. Businesses in the real estate and precious metals sectors are advised to register before the deadline to avoid any potential financial penalties and ensure continued operation within the law.
The registration process, overseen by the Ministry of Commerce and Industry, extends to the real estate and precious metals sectors, thereby encompassing businesses in these industries. Compliance with this requirement, as required by the Ministry, will help maintain financial transparency and adherence to international standards in these sectors.
