In a significant regulatory move, the Ministry of Commerce and Industry is preparing to revoke the licenses of approximately 130 expired institutions and exchange offices. This initiative is part of a broader effort to streamline and regulate commercial records within the sector.

Streamlining Market Regulations

According to informed sources, this action reflects the Ministry’s commitment to ensuring a well-organized market. The initiative is being conducted in coordination with relevant authorities to review the licenses of individually-owned institutions. A structured timeline and regulatory framework will be implemented to guarantee compliance.

Enhancing the Operational Environment

The Ministry's efforts aim to improve the operational landscape for financial institutions while mitigating unregulated practices. Collaborating with the Central Bank of Kuwait, the Financial Investigation Unit, and other relevant entities, the Ministry seeks to limit money exchange activities to authorized channels that adhere to both national and international financial standards.

Survey and Regulatory Oversight

As part of this comprehensive initiative, the Ministry is conducting a thorough survey to assess the feasibility of converting individual institutions into licensed companies under regulatory oversight. This transition aims to close loopholes that could potentially be exploited for unlawful financial activities. Reports indicate that some shops have been engaged in cash trading well beyond permitted thresholds.

Compliance Inspections

To ensure adherence to legal and regulatory requirements, the Ministry has deployed a team from the Money Laundering Department, in collaboration with the Commercial Control Department. This team will inspect businesses to verify compliance with established guidelines.

Fines for Non-Compliance

Sources indicate that the Ministry is prepared to impose fines on entities that fail to comply with regulations. Furthermore, it is actively coordinating with other government agencies to ensure rigorous oversight and accuracy in its operations. This initiative aligns with the Ministry’s strategic goals and national economic plans.