Including a Suspicious Commercial Concealment Index
| No: 42080532 | Date(g): 27/6/2021 | Date(h): 18/11/1442 | Status: Modified |
Translated Document
Further to the instructions issued by SAMA, as communicated in Circular No. (42064692) dated 13/09/1442 H, regarding the creation of a position with responsibilities to combat commercial concealment, analyze, and report suspected cases related to this activity. This continues the ongoing work between SAMA and the National Program for Combating Commercial Concealment to combat the crime of commercial concealment.
SAMA emphasizes the importance of developing technology for banks and payment companies in order to support the detection of commercial concealment activities, in accordance with all indicators of suspicious commercial concealment activities mentioned in the above circular. In addition to including the action of an expatriate worker withdrawing or depositing a cheque drawn on an entity other than their employer, or receiving a financial transfer from an entity other than their employer, as cases that must be reported to the Financial Intelligence Unit. *
* It has been decided to terminate the use of the above-mentioned index as one of the indicators of suspicion of a commercial concealment activity according to Circular No. 43090734 dated 29/10/1443 H.