Article 28
| No: M/20 | Date(g): 25/10/2017 | Date(h): 5/2/1439 | Status: In-Force |
Effective from Nov 04 2017 - Nov 03 2017
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| 1. | A Saudi national who has served his term of imprisonment due to money laundering crime shall be barred from travelling outside the Kingdom for a period equal to the term of imprisonment served. |
| 2. | Non-Saudis shall be deported from the Kingdom upon execution of their penalty with no possibility of return to the Kingdom.. |
24/1
A supervisory authority may exchange the following information with foreign counterparts where such information is requested by the foreign counterpart for anti-money laundering purposes:
| a. | regulatory information and general information on the financial sector; | |||
| b. | prudential information such as information on a financial institution or designated non-financial business and profession ’s business activities, beneficial ownership, management and the fit and properness of any managers, directors, shareholders or beneficial owners; and | |||
| c. | Other relevant information such as on the internal policies, controls and procedures of a financial institution or designated non-financial business and profession, customer due diligence information, customer files, samples of accounts and transaction information. | |||
24/2
Where a supervisory authority obtains information from a foreign counterpart, the supervisory authority shall obtain authorization from the foreign counterpart prior to any dissemination or use of the information received. And where a supervisory authority is obliged of declaration or reporting of information, then it shall inform the counterpart of this obligation.
24/3
A supervisory authority may apply supervisory measures on behalf of foreign counterparts and, as appropriate, facilitate the ability of the foreign counterpart to carry out consolidated group supervision.
24/4
A supervisory authority may exempt a specific category of reporting entities from the requirement in Article 5 of the Law to carry out an institutional risk assessment, if the supervisory authority has confirmed that the identified risks of the sector are clear and understood, or that a specific activity carried out by the financial institution or designated non-financial business and profession is of a low risk.
24/5
A supervisory authority may instruct a financial institutions or designated non-financial business and professions to take certain measures in relation to foreign branches and majority-owned subsidiaries that pose a higher risk, including placing additional controls on the branch or majority-owned subsidiary or the financial group, or requesting the financial group to close down its operations in the host country.
24/6
A financial institution or designated non-financial business and profession shall comply with any instructions, rules, guidelines or any other instruments issued by a supervisory authority, including an order under Article 24 (b) of the Law to provide any information as specified by the supervisory authority.