Regulatory Alerts2017-11-08
Implementing Regulation to the Anti-Money Laundering Law
Issued by Saudi supervisory and competent authorities, this regulation establishes comprehensive definitions and mandates risk-based customer due diligence for all financial institutions and designated non-financial businesses and professions. It requires entities to conduct written, regularly updated risk assessments that dictate enhanced or simplified verification measures for customers and beneficial owners, while specifically addressing politically exposed persons, new products, and existing relationships. The framework further permits reliance on third-party institutions for identification, mandates suspicious transaction reporting when due diligence might tip off customers, and ensures ongoing monitoring aligned with national risk variables.