Utilization of the Beneficial Owner Information Inquiry Service for Private Associations and Foundations

Item: None
Saudi Central Bank Only
No. 472058161
Date: 14/12/1447
Attachments: None
Saudi Central Bank
Saudi Central Bank
Circular
To:
Dear Sirs,
Subject: Utilization of the Beneficial Owner Information Inquiry Service for Private Associations and Foundations. With reference to the Saudi Central Bank's authority to issue instructions related to financial institutions under its supervision, based on the provisions of the Central Bank System issued by Royal Decree No. (M/63) dated 11/04/1441H, and the Anti-Money Laundering System issued by Royal Decree No. (M/20) dated 05/10/1434H, and the Counter-Terrorism and Counter-Terrorist Financing System issued by Royal Decree No. (M/21) dated 12/02/1439H, and with reference to the Executive Regulations of the Anti-Money Laundering System issued by the General Presidency of State Security Decision No. (14525) dated 19/02/1439H, which impose obligations on financial institutions to apply due diligence measures, particularly regarding the identification and verification of beneficial owners. We inform you that the National Center for the Non-Profit Sector has launched a service that enables financial institutions to inquire about the beneficial owner information of private associations and foundations via the Center's website: https://es.ncnp.gov.sa/v/beneficial-owner-disclosure Accordingly, the Saudi Central Bank emphasizes the necessity of utilizing the aforementioned service to fulfill due diligence requirements regarding financial institutions' clients from private associations and foundations by accessing the Center's website. In the event of an undisclosed beneficial owner by the association or foundation, or discrepancies in beneficial owner information, the financial institution must apply its applicable due diligence measures in accordance with the suspicious transaction reporting requirements stipulated in relevant systems and regulations, without violating the provisions of the Personal Data Protection System, its executive regulations, and instructions issued by the Saudi Central Bank. The Center should also be notified via email at SA.GOV.NCNP@PL.CFT-AML. Furthermore, financial institutions facing any implementation challenges may contact the General Directorate of Financial Integrity via email at FIGD@SAMA.GOV.SA. For your information and necessary action effective from the date of its publication on the Saudi Central Bank's website. Signature Distribution Scope:
All financial institutions subject to the supervision and regulation of the Saudi Central Bank. Yours sincerely, P.O. Box 2992, Riyadh 11169, Kingdom of Saudi Arabia. Tel: +966114633000 Abdullah bin Saleh Al-Humaid Deputy Governor for Market Conduct P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966114633000