Regulatory Alerts2017-10-26
Guide to Enforcing Security Council Resolutions Related to Combating Terrorism and its Financing
Issued by the Saudi Central Bank (SAMA) in November 2020, this guide mandates that supervised financial institutions promptly freeze and continuously verify funds, economic resources, and property belonging to or controlled by individuals and entities listed under Security Council Resolutions 1267, 1988, and 1373. It establishes strict procedures for daily database screening, immediate notification to SAMA within five working days of freezing or lifting actions, and the maintenance of confidentiality regarding listed names. The document further outlines SAMA's field verification process, defines applicable penalties for non-compliance or delayed reporting, and clarifies the rights of listed persons to receive notifications and file appeals while protecting good-faith third parties.