E. Compliance & Anti Money Laundering and Combating Terrorism Financing (AML/CTF)
Effective from Jan 01 2024 - Jan 12 2019
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| 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. | |