Creation of a Position with Responsibilities to Combat Commercial Concealment, Analyze, and Report Suspected Cases Related to This Activity
| No: 42064692 | Date(g): 24/4/2021 | Date(h): 13/9/1442 | Status: In-Force |
Translated Document
Based on the supervisory and regulatory role of SAMA, and its commitment to protect the financial sector and its reputation from being misused in money laundering operations, terrorist financing, or related predicate offenses, including commercial concealment crime, and pursuant to the powers vested in SAMA under the Article 24 of the Anti-Money Laundering Law issued by the Royal Decree No. (M/20) dated 05/02/1439 H and Article 82 of the Law on Combating the Financing of Terrorism issued by Royal Decree No. (M/21) on 12/2/1439 H. and the royal directive issued in August 2020 to establish a ministerial committee to oversee the National Program for Combating Commercial Concealment.
I inform you that it has been decided to create a specialized position for combating commercial concealment crime, reporting to the Director of Anti-Money Laundering and Counter-Terrorist Financing. This position will be responsible for analyzing and reporting suspected cases of commercial concealment, taking into consideration the following:
| 1- | Supporting the function of combating commercial concealment with all necessary resources (human, financial, technical, logistical) to effectively carry out its duties. | ||
| 2- | The position of combating commercial concealment should be undertaken by individuals with experience and competence in the fields of commercial concealment, anti-money laundering, and counter-terrorism financing. | ||
| 3- | Establishing the necessary policies and procedures to combat commercial concealment and the related reporting processes, to include the following: | ||
| a. | Development of technical systems to include the detection of suspected commercial concealment crimes. | ||
| b. | Creating and developing scenarios for account monitoring to include commercial concealment. | ||
| c. | Including training and awareness materials related to detecting commercial concealment and training bank employees on them. | ||
| d. | Evaluating the products, services, and channels that could be exploited for commercial concealment activities. | ||
| e. | Issuing and monitoring internal control reports related to commercial concealment crimes. | ||
| f. | Working on creating secure communication channels between the bank and the General Department of Financial Intelligence under the Presidency of State Security to assist in surveillance, monitoring, and reporting of suspicious transactions related to commercial concealment. | ||
For your information, and to act accordingly before the end of the second quarter of this year (2021), and to provide the Anti-Money Laundering and Counter-Terrorist Financing Department with the policies and procedures that have been adopted in this regard, via email.
According to Circular No. (42080532) dated 18/11/1442H, SAMA emphasizes the importance of developing technology for banks and payment companies in order to support the detection of commercial concealment activities, in line with all indicators of of suspicious commercial concealment activities.