Regulatory Alerts2021-04-25
Creation of a Post Dedicated to Combating Commercial Concealment and Analyzing and Reporting Suspected Cases
The Saudi Central Bank (SAMA) has established a dedicated post under the Director of Money Laundering and Terrorist Financing to combat commercial concealment, analyze suspected cases, and report them. The circular mandates that banks allocate necessary human, financial, technical, and logistical resources to this post by the end of Q2 2021. Furthermore, institutions must implement targeted policies and procedures—including enhanced technical systems, account monitoring scenarios, staff training, product evaluation, internal reporting, and secure communication with the General Directorate of Financial Investigations—and submit their adopted frameworks to SAMA via email.
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