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E. Compliance & Anti Money Laundering and Combating Terrorism Financing (AML/CTF)

Date(g): 1/12/2018 | Date(h): 23/3/1440 Status: In-Force
18.Applicants must satisfy SAMA that their proposed compliance and AML & CTF processes, people and systems are adequate and appropriate for ensuring compliance with:
 
 (a)Rules Governing Anti-Money Laundering & Combating Terrorist Financing and;
 
 (b)SAMA’s Compliance Manuel for Banks Working in SAUDI ARABIA and;
 
 (c)Other Kingdom of Saudi Arabia regulatory and legal requirements.
 
19.In assessing whether the proposed compliance and AML/CTF processes, people and systems are adequate and appropriate for the applicant’s operations, SAMA will have regard to the size, nature and complexity of those operations.