8. On-Going Monitoring of Accounts and Transactions
No: 65681/67
Date(g): 3/7/2019 | Date(h): 1/11/1440
Status: In-Force
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Without prejudice to the provisions of the Anti-Money Laundering Law and its Implementing Regulations, the Law on Terrorism Crimes and Financing and the Guidelines issued thereunder, Banks should have appropriate systems in place to monitor the customer’s transactions and activities and identify any suspicious or wrong behavior. Manual transaction monitoring is not sufficient and banks shall invest in developing electronic systems in accordance with the best standards in monitoring and information security and protection to continuously monitor customers’ transactions.
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Banks shall continuously assess internal risk-based controls in order to benefit from unusual activities that have been detected.
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The electronic systems used in banks should be suitable for the nature of the bank's risk profile, and the monitoring system should be integrated with the bank's core systems. In case of incompatibility between the two systems due to integration, the bank shall be prepared to take the necessary precautions and manual procedures to address the incompatibility.
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If the bank suspects that banking accounts are being used illegally or that the source of the money deposited is found to be earned from illegal business, the bank must notify the Saudi Arabia Financial Investigation Unit of such case.
