Regulatory Alerts2018-03-25
Guide to Enforcing Security Council Resolutions Concerning the Prevention of WMD Proliferation and Their Financing
The Saudi Arabian Monetary Authority (SAMA) issued this guide to direct supervised financial institutions, banks, insurance and financing companies, and licensed money exchanges to promptly freeze funds of UN Security Council-listed persons or entities linked to WMD proliferation financing, verify customer names against sanctions lists daily, and report freezing or lifting actions within five working days. The guide operationalizes Royal Decree No. 10130 by mandating immediate account freezes, continuous electronic and manual screening, strict reporting protocols to SAMA, and applicable penalties for non-compliance or negligence. It establishes clear procedures for partial or full lifting of freezes, handling similar names, and ensuring all financial and non-financial services to listed parties are suspended unless authorized.