Regulatory Alerts2021-06-27
Saudi Central Bank Circular on Adding a Suspicious Commercial Concealment Index
The Saudi Central Bank (SAMA) issued this circular to mandate banks, savings institutions, and payment companies in the Kingdom to develop technical systems that detect commercial concealment operations. The directive requires these entities to report specific suspicion cases, including expatriate workers withdrawing or depositing checks from non-employer entities and receiving financial transfers outside their employment, to the Financial Investigations Department. Implemented effective immediately, the update aligns with prior instructions while preserving operational ease and preventing the emergence of informal financial channels.
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