Regulatory Alerts2019-01-01
Law No. 20 of 2019 Issuing the Anti-Money Laundering and Counter-Terrorist Financing Law
The Saudi Royal Court promulgated Law No. 20 of 2019 to codify the comprehensive legal framework for combating money laundering and terrorist financing. The statute establishes precise definitions, imposes mandatory reporting duties on financial institutions and designated non-financial businesses, and empowers supervisory authorities with robust inspection, sanctioning, and asset-freezing mechanisms. It further standardizes procedural rules for domestic enforcement, international cooperation, and regulatory compliance to mitigate systemic financial risks.
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