Regulatory Alerts2018-06-10
Added · Updated
Circular on Compliance with Sanctions Lists of Relevant Jurisdictions
The Governor of the central bank reiterates the obligation for banks operating in the Kingdom to adhere to sanctions lists issued by countries where they conduct operations within their legal jurisdiction. This directive requires banks to comply with these external sanctions to mitigate associated legal and reputational risks. The instruction serves as a reminder of existing requirements established in circular No. (10/1/15251) dated 21/12/2014.
In the Name of Allah, the Most Gracious, the Most Merciful
Number: 10/4/ Date: / /1439 AH Corresponding to: / /2018 AD
Circular to Banks Operating in the Kingdom
Greetings,
Further to our circular No. (10/1/15251) dated 21/12/2014 regarding compliance with sanctions lists issued by countries in which banks conduct operations within their legal jurisdiction,
I reiterate the necessity of adhering to the sanctions lists issued by those countries to avoid the legal and reputational risks that banks may face as a result of non-compliance.
Please accept our highest regards,
The Governor Dr. Abdulrahman Al-Hussain