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Including a Suspicious Commercial Concealment Index

No: 42080532 Date(g): 27/6/2021 | Date(h): 18/11/1442 Status: Modified

Translated Document

Effective from 2021-06-27 - Jun 26 2021
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Further to the instructions issued by SAMA, as communicated in Circular No. (42064692) dated 13/09/1442 H, regarding creation of a position responsible for combating commercial concealment, analyzing, and reporting 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 Investigation Department. *


* 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.