ANTI-MONEY LAUNDERING LAW (AML)
ANTI-MONEY LAUNDERING
LAW (AML)
The Saudi Central Bank, formerly known as the Saudi Arabian Monetary Authority (SAMA), is the primary regulating agency for Saudi financial services. It has made Anti-Money Laundering (AML) compliance, within the framework of Saudi Arabia’s Corporate Laws & legislation, one of its top focuses. The Kingdom of Saudi Arabia has implemented several AML programs and procedures throughout the last decade.
It has been at the forefront of the countries actively participating in combating money laundering and associated activities. The Kingdom’s approach to AML stems from its dedication to Islamic Sharia’a teachings, internal rules, and international guidelines, as well as the existing AML Law.
HIGHLIGHTS OF THE ANTI-MONEY LAUNDERING LAW (AML)
Saudi Arabia has made substantial efforts within its borders to tackle money laundering and terrorism financing. To do this, the Kingdom has put in place stringent AML and Counter-Terrorism Financing (CTF) legislation. Compliance with these standards is critical for Saudi firms to preserve honesty, and confidence, and avoid legal complications.
Companies are regulated by a few Saudi financial authorities, including:
- The Ministry of Anti-Money Laundering founded by the Minister of Trade and Industry.
- The Capital Markets Authority (CMA).
- The Communications and Information Technology Commission (CITC).
- The Saudi Central Bank.
- The Saudi Arabia Financial Intelligence Unit (SAFIU).
ISSUER OF THE ANTI-MONEY LAUNDERING LAW (AML)
The Anti-Money Laundering (AML) Law in Saudi Arabia is issued and regulated by the Financial Action Task Force (FATF). The FATF is an intergovernmental organisation that sets international standards and recommendations for combating money laundering, terrorist financing, and other related financial crimes.
WHO IS SUBJECT TO THE ‘ANTI-MONEY LAUNDERING LAW’?
In Saudi Arabia, the Anti-Money Laundering (AML) Law applies to a wide range of entities and individuals, with the primary objective of preventing and combating money laundering and terrorist financing activities. AML Law is subject to:
- Financial Institutions such as banks, insurance companies, money exchange businesses, and other financial intermediaries.
- Designated Non-Financial Businesses and Professions (DNFBPs) including real estate agents, dealers in precious metals and stones, lawyers, accountants, and notaries.
- Companies involved in securities trading, brokerage, and investment activities.
- Money Service Businesses.
- Government Agencies.
- Individuals involved in financial transactions, such as customers, clients, and employees of regulated entities.
- Charities and Non-Governmental Organisations (NGOs).
- Law Enforcement Agencies.
- Foreign entities.
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