Region

Jurisdiction

Regulator

2019-06-12

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.

Saudi Arabia

Saudi Central Bank

In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Arabian Monetary Authority Head Office

Banking Policy Department

Ref. No.: Date: 1440/10/09 (Hijri) Enclosures: None

Ref. No.: 60667 / 67 Date: 1440/10/09 (Hijri) Enclosures: None

Circular

To: Respected Sirs,

Peace, mercy, and blessings of Allah be upon you.

Subject: The Electronic Report Approved by the General Department of Financial Investigations (SAFIU).

I refer to Council of Ministers Resolution No. (42) dated 15/01/1440H, which approved the National Strategic Objectives for Combating Money Laundering and Financing of Terrorism, and the National Action Plan to achieve these objectives, including enhancing technical systems in the field of combating money laundering and financing of terrorism. Based on Article (15) of the Anti-Money Laundering System issued by Royal Decree No. (M/20) dated 05/02/1439H, Article (15/4) of its Executive Regulations, Article (70) of the Anti-Terrorism and Financing Crimes System issued by Royal Decree No. (M/21) dated 12/02/1439H, and Article (23) of its Executive Regulations.

Please be informed that the first phase of the electronic report has commenced via the link: (https://www.safiu.gov.sa) starting from Wednesday, 24/09/1440H (corresponding to October 3, 2019), with an evaluation of the trial scheduled by the end of July 2019.

For your information, action accordingly, and communication with the General Department of Financial Investigations when encountering any difficulties in the reporting process via the aforementioned link, along with notifying the Money Laundering and Financing of Terrorism Department at SAMA of any developments in this regard.

Yours sincerely,

Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision

Distribution Scope:

Local banks and financial institutions operating within the Kingdom.

P.O. Box 2992, Riyadh 11169 | Telex Address: Markazi | Telex: 404400 | Tel: 4633000 | Fax: 4662414