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3. Financial Institutions’ Mechanism to Verify All Customers Against the Listed Names
No: 391000014326
Date(g): 26/10/2017 | Date(h): 6/2/1439
Status: In-Force
Translated Document
3.1
Financial institutions shall conduct daily and ongoing checks of customer databases and any relevant information concerning potential or existing customers. They must compare this data with the names listed by the two Security Council committees tasked with combating terrorism and its financing as outlined in this guide. This process aims to identify whether the financial institutions possess or manage any funds subject to the decisions of these committees. Hence, it is essential to maintain an updated list of the entities and individuals included in these lists within the database. This requirement extends to the names classified nationally in accordance with Security Council Resolution No. 1373, which are received from the State Security Presidency and disseminated by SAMA to the financial institutions it supervises.
3.2
Certain financial institutions utilize electronic service programs to ascertain that their clients are not subject to any penalties associated with the (1267/1989/2253) and (1988) Committees. It's noteworthy that while electronic services are valuable tools, they should not be solely relied upon as guarantees of compliance with imposed procedures. Daily and continuous verification remains essential to compare the names listed by the United Nations sanctions committees. The primary method for staying informed about updates and ensuring compliance with sanctions imposed on the individuals listed by the Security Council Committees (1267/1989/2253) and (1988) is through regularly consulting the respective websites of these committees, as mentioned in Paragraph (1.3).
3.3
If a financial institution identifies that any funds in its possession or under its management are subject to freezing, it must adhere to the following steps:
(a)
Immediately and without delay (within hours), freeze all such funds, along with any funds derived or resulting from them, without prior warning.
(b)
Refrain from providing any financial or other services or transferring funds to or for the benefit of any listed person, group, or entity. This prohibition covers all types of services provided to the listed person, group, or entity, including but not limited to opening accounts or offering any form of advice, financial services, brokerage and investment services, or any type of assets or property, directly or indirectly, whether physical or non-physical, tangible or intangible, movable or immovable.
(c)
The freeze must be notified to SAMA within a maximum of five business days from the date it is imposed. The notification shall include details about the status of the funds, any actions taken, the nature and quantity of the frozen funds, and any other pertinent information that may aid in compliance with the decisions. Financial institutions should ensure that the information provided is accurate.
3.4
If a financial institution determines that it does not possess or manage any targeted funds, it must promptly inform SAMA if any former or current client it engaged with is identified as a listed person, group, or entity.
3.5
In cases where names are similar, financial institutions must conduct thorough searches using legally available means to confirm whether the names match or not. If the financial institutions do not obtain information confirming whether the name matches or not, they must notify SAMA immediately without taking any action.
