Saudi Arabia is one of the most critical countries for economic diversity. It aims at the private sector's growth by applying a method that encourages local people to become entrepreneurs. Besides, money laundering has been a problem for Saudi Arabia going back many years. It is bound by many rules and conventions to prevent money laundering and terrorist financing.
What are the AML Regulations in Saudi Arabia?
In Saudi Arabia, the Anti-Money Laundering law adopted by the Saudi Arabian Council of Ministers is applied. However, many of the provisions of the Financial Action Task Force (FATF) Forty Plus Nine Recommendations have been implemented. In Saudi Arabia, some other local regulations are as follows;
Finances Companies Control Law
Banking Control Law
Payment Service Provider Laws(PSP)
Communications and Information Technology Commission(CITC)
Saudi Arabia's FATF Status
Saudi Arabia has been a FATF member since 2019. According to the Mutual Evaluation Report published in 2018, Saudi Arabia complies with 40 FATF Recommendations for 21. Also, It has implemented FATF Forty Plus Nine Recommendations. AML Regulators in Saudi Arabia In Saudi Arabia is, The Ministry of Anti-Money Laundering founded by the Minister of Trade and Industry. However, the Saudi Arabian Monetary Agency, the Capital Markets Authority (CMA), the Communications and Information Technology Commission (CITC) are other local regulatory agencies.
The other Anti-Money Laundering regulatory bodies include;
- The Ministry of Foreign Affairs
- Ministry of Justice, Ministry of Commerce and Industrial
- Ministry of Finance
- Department of Customs
- Commission for Investigation and Prosecution
AML Solutions for Saudi Arabia
The fight against money laundering in Saudi Arabia goes back many years. Saudi Arabia has been one of the countries making the most progress in fighting against money laundering through its sanctions. Through Sanction Scanner solutions developed by FATF regulations, you can prevent money laundering risk activities by making regular risk assessments of your company. Also, Know Your Customer, Customer Due Diligence, Transaction Monitoring, and Transaction Screening solutions that we have developed as Sanction Scanner provide speed up your company's AML compliance process and protect your company from legal punishments.