Financial Crime World

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Saudi Arabia Enhances Banking Regulations to Combat Financial Crime

Riyadh, Saudi Arabia - October 2022

The Kingdom of Saudi Arabia has taken significant steps to strengthen its banking regulations in an effort to combat financial crime, including money laundering and terrorism financing. The move is aimed at enhancing the country’s international cooperation and compliance with global standards.

Enhancing Anti-Money Laundering (AML) Regime

The Saudi Arabian government has implemented a range of measures to prevent and detect financial crimes, including:

  • Establishment of AML Permanent Committee: Overseeing the implementation of AML regulations in the Kingdom.
  • International Cooperation: Working with international organizations such as the Financial Action Task Force (FATF) to ensure compliance with global standards.

Global Recognition

The FATF has recognized Saudi Arabia’s efforts to strengthen its AML/CFT framework and has praised the country’s commitment to international cooperation. The Kingdom’s accession to the FATF in 2018 marked a significant milestone in its efforts to combat financial crime, enabling it to play a more active role in international forums.

Banking Sector Regulations

The banking sector in Saudi Arabia is subject to strict regulations, including:

  • Effective AML/CFT controls: Banks are required to implement effective controls and reporting mechanisms.
  • Robust Supervisory Framework: The Central Bank of Saudi Arabia (SAMA) has established a robust supervisory framework to ensure banks comply with these regulations.

Awareness Initiatives

In addition to its regulatory efforts, the Kingdom has launched several initiatives to raise awareness about the risks of financial crime and promote cooperation among stakeholders, including:

  • Workshops: Conducted for bankers, law enforcement officials, and other stakeholders.
  • Seminars: Organized to discuss AML/CFT best practices.
  • Training Programs: Offered to enhance knowledge and skills in preventing and detecting financial crimes.

Commitment to International Cooperation

The Saudi Arabian government is committed to maintaining a robust and effective AML/CFT framework that prevents and detects financial crimes, while promoting international cooperation and compliance with global standards.