Including a Suspicious Commercial Concealment Index
| No: 42080532 | Date(g): 27/6/2021 | Date(h): 18/11/1442 |
Translated Document
Effective from 2021-06-27 - Jun 26 2021
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Further to the instructions of SAMA communicated by virtue of Circular No. (42064692) dated 13/09/1442 H, regarding creation of a position with responsibilities to combat commercial concealment, and analyse and report suspected cases related to this activity. This continues the ongoing work between SAMA and the National Program for Combating Commercial Concealment in fighting 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 suspicion related to such activities the above-mentioned circular, in addition to the inclusion of the expatriate worker's action of withdrawing or depositing a check drawn on entities other than their workplace, or receiving a financial transfer from entities other than their workplace, to be among the 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 cover-up process according to Circular No. 43090734 dated 29/10/1443 H.