Regulatory Alerts2017-09-20
AML/CTF Rule (16) CIT
The Saudi Arabian Monetary Authority (SAMA) requires all licensed banks and exchange offices operating in the Kingdom to update their internal compliance procedures to align with the amended Article 16 of the Anti-Money Laundering Law. This regulatory update renumbered the former Article 14 to Article 16, added "Negotiable Financial Instruments" to the scope, and replaced the term "Disclosure" with "Declaration" for cross-border cash and precious metal movements. Financial institutions must immediately revise their reporting protocols and internal directives to ensure full conformity with these statutory changes.
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