Regulatory Alerts2022-02-22
Added · Updated
Circular to Microfinance Companies Regarding Virtual Currencies and Money Laundering Reports
The Governor of the issuing authority attached copies of the Egmont Group report on virtual currencies and the MENAFATF report on money laundering through electronic channels for the review of microfinance companies operating in the Kingdom. The circular directs these entities to consider the contents of these reports where appropriate. No specific new obligations, thresholds, or effective dates are mandated within this text.
No. 28/2/9328 Date: 15/7/2018 Circular to microfinance companies operating in the Kingdom After Greetings, We hereby attach a copy of the report issued by the “Egmont” group regarding virtual currencies and emerging financial technologies, and exploiting them in money laundering and terrorist financing, in addition to a copy of “Applications on money laundering through electronic channels” report issued by the Middle East and North Africa Financial Action Task Force “MENAFATF”, for your review and consideration where appropriate. Respectfully,, Governor Dr. Ziad Fariz