Regulatory Alerts2019-06-12
The Electronic Report Approved by the SAFIU
The Saudi Arabian Monetary Authority directs local banks to implement the first phase of an electronic reporting system via the General Department of Financial Investigations portal, effective October 3, 2019. This mandate operationalizes national anti-money laundering and counter-terrorism financing objectives by requiring financial institutions to submit reports electronically while coordinating with SAFIU and SAMA’s Money Laundering Department for any procedural difficulties. The initial trial period will be formally evaluated by July 2019 to assess system enhancements and reporting compliance.
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