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
Effective from 2021-04-24 - Apr 23 2021
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Based on the supervisory and regulatory role of SAMA, and its keenness to protect the financial sector and its reputation from being misused in money laundering operations, terrorist financing, or related underlying crimes, including commercial concealment crime, and based on the powers vested to 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 cover-up crime, reporting to the Director of Anti-Money Laundering and Terrorism Financing. This role is focused on analyzing and reporting suspected cases of commercial cover-up, taking into consideration the following:
| 1- | Supporting the function of combating commercial concealment with all necessary resources (human, financial, technical, logistical) to carry out its duties efficiently. | ||
| 2- | Assuming the role of combating commercial concealment by individuals with experience and competence in the fields of combating commercial concealment, anti-money laundering, and counter-terrorism financing. | ||
| 3- | Develop the necessary policies and procedures to combat commercial concealment and 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. | Incorporate training and awareness materials related to identifying commercial concealment and train bank employees on them. | ||
| d. | Evaluating the products, services, and channels that could be exploited for commercial concealment activities. | ||
| e. | Issuance and follow-up of internal monitoring reports related to commercial concealment crimes. | ||
| f. | Working on creating secure communication channels between the bank and the General Department of Financial Investigations under the Presidency of State Security to assist in surveillance, monitoring, and reporting of suspected commercial concealment activities. | ||
To review and act upon it before the end of the second quarter of this year (2021), and to provide the Anti-Money Laundering and Terrorism Financing Department with the policies and procedures that have been adopted in this regard, via the following email.
According to Circular No. (42080532) dated 18/11/1442H, SAMA emphasizes the importance of developing technology for banks, financial institutions, and payment companies to support the detection of commercial concealment activities, in line with all indicators of suspicion related to such activities.