Regulatory Alerts2017-04-18
Updated Mechanisms for the Implementation of Security Council Resolutions Relating to Combating Terrorism and its Financing
The Saudi Central Bank issued this circular to implement updated mechanisms for Security Council Resolutions 1667, 1373, and 1988 regarding counter-terrorism financing. Financial institutions must immediately freeze accounts of listed entities, daily monitor UN sanctions lists, and report actions within one week. The directive mandates real-time verification of customer names against official lists, prompt unfreezing upon removal, and ongoing compliance with domestic and international sanctions to mitigate legal risks.
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