1. Are there any sanctions imposed against Saudi Arabia?
There are no sanctions imposed against Saudi Arabia.
2. What are the regulated institutions in Saudi Arabia?
Bank, financial markets, investment firms, investment management companies, lawyers, etc.
3. Who are the local regulatory authorities in Saudi Arabia, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
Saudi Arabian Monetary Agency, The Capital Market Authority(CMA), Communications and Information Technology Commission(CITC) are local regulatory authorities in Saudi Arabia. The Ministry for Anti-Money Laundering was also established by the Minister of Commerce and Industry as based on government. Ministry of Interior.
According to Saudi Arabian Monetary Agency, the other supervisory bodies are the Ministry of Foreign Affairs, Ministry of Justice, Ministry of Commerce and Industrial, Ministry of Finance, Department of Customs and Commission for Investigation and Prosecution.
4. What is the status of Saudi Arabia's FATF?
Saudi Arabia is a FATF member since June 2019, and it is not on the FATF Deficient list. In Saudi Arabia, the first Mutual Evolution Report was adopted in 2018. This report evaluates the implementation process of Saudi Arabia's new requirements regarding the changed FATF Recommendations since November 2017.
5. Which global regulations Saudi Arabia have to comply with?
FATF, International Standard Organization and International Electrotechnical Commission.
6. What are the AML obligations of the businesses in Saudi Arabia?
In Saudi Arabia, financial institutions such as banks and insurance companies are required to comply with FATF 40 Recommendations. Also, Saudi Arabian Monetary Agency(SAMA) regulated a law to help banks comply with banking rules.
On the other hand, the Financial Intelligence Unit was created based on Article 11 of the Law.
7. What are the local AML laws and regulations in Saudi Arabia?
Anti-Money Laundering Law, Finances Companies Control Law, Banking Control Law, Payment Service Provider Laws are current regulations in Saudi Arabia.
According to Article 2 of the Money Laundering Law It is a crime of money laundering to carry out any transaction regarding property or income from an illegitimate or illegal source and sell, transfer, or buy property from an unlawful source.
8. What are the penalties for failure to comply with Anti-Money Laundering law in Saudi Arabia?
According to Article 2 of the Saudi Arabian Council of Ministers Decree, persons engaged in money laundering activities are sentenced to imprisonment from two to ten years or fines not exceeding five million riyals. (Council of Ministers Decision No. 80/1439 (The Anti-Money Laundering Law of Saudi Arabia, Article 26).
Defrauding or attempting to scam others by acquiring property or gaining a financial advantage. (Criminal Code Article 347 and Criminal Code Article 352).
9. What are the contact details of the relevant regulators in Saudi Arabia?
Saudi Arabian Monetary Authority
King Saudi bin Abdulaziz St.
10. Are violations of anti-money laundering obligations also subject to criminal sanctions in Saudi Arabia?
Yes. Besides FATF laws, all financial institutions in Saudi Arabia are obliged to comply with the Anti-Money Laundering laws adopted by the Council of Ministers.
11. What can oblige institutions do to prevent money laundering and to comply with AML regulations in Saudi Arabia?
In Saudi Arabia, money laundering and terrorist financing activities are punished according to Anti-Money Laundering Law, and such laws implement sanctions. Firms are required to comply with these and similar regulations to prevent money laundering risk activities and protect their reputation. Sanction Scanner provides for your company Customer Due Diligence, Know Your Customer, Transaction Monitoring, and Transaction Screening solutions. Protect your company from financial crime threats with Sanction Scanner's compliance solutions.