Chapter II: Purpose

No: 18318/486

Date(g): 17/11/2019 | Date(h): 20/3/1441

Status: In-Force

•	The purpose of this Guide is to help financial institutions operating in Saudi Arabia and licensed by SAMA to develop and adopt a risk-based approach for conducting their business to meet the requirements of the Anti-Money Laundering Law, issued by Royal Decree No. (M/20) dated 05/02/1439H, and its Implementing Regulations, issued under the Decision of the Presidency of State Security No. (14525) dated 19/02/1439H, as well as the Law on Combating Terrorism Crimes and Financing, issued by Royal Decree No. (M/21) dated 12/02/1439H, and its Implementing Regulations, issued pursuant to the Council of Ministers’ Resolution No. (228) dated 02/05/1440H.
•	The requirements mentioned in this Guide reflect the obligations stated in the Anti-Money Laundering Law, the Law on Terrorism Crimes and Financing, and their Implementing Regulations. Such requirements do not impose any additional obligations on financial institutions supervised by SAMA.
•	The requirements stated in this Guide are obligatory and are the minimum requirements to be complied with by financial institutions. Moreover, a financial institution should put in place additional appropriate measures as required by the results of its approved risk assessment.