Regulatory Alerts2019-01-01
Board of Directors Resolution No. 121 of 2019 Regarding Registration Conditions for AML/CFT Officers at Non-Banking Financial Activities Entities
The General Authority for Financial Supervision issued Resolution No. 121 of 2019 to establish a mandatory register for Anti-Money Laundering and Counter-Terrorism Financing officers and their alternates at non-banking financial activities entities. The resolution mandates strict eligibility criteria, including senior management status, a minimum of three years' relevant experience, clean legal and disciplinary records, and successful completion of an Authority-conducted interview. Registration remains valid for three years with renewal options, requires prompt notification of absences or resignations, and provides a two-month transitional window for previously licensed officers to secure registration without meeting the new requirements.
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