Arab Times, 2 September 2024: The Commerce and Industry Ministry has announced a new legal requirement for companies to disclose their “actual beneficiary” through the commercial registry portal on the ministry’s website.

This measure aims to identify the natural person who holds actual and final control over the company, enhancing transparency and combating money laundering and terrorism financing.

The ministry’s spokesperson has explained that failure to comply with this requirement will result in financial penalties as outlined in Article 15 of Kuwait Law No. 106/2013 on Combating Money Laundering and Terrorism Financing.

All commercial companies registered in the country, except for state-owned and listed companies under the Capital Markets Authority’s supervision, must disclose the actual beneficiary.

The spokesperson has emphasised the importance of this disclosure in improving the country’s business environment, international ranking, and attractiveness for business and investment.

It ensures transparency in economic and financial transactions and provides necessary information to law enforcement, judicial authorities, and regulatory bodies.

To register the actual beneficiary, companies need to provide information such as the name, civil number, email, phone number, address, and passport number for non-Kuwaitis.

The registration process can be completed by visiting the ministry’s website, selecting “Corporate User,” authenticating through the “My Identity” application, and following the steps to finalise the process.

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