Cash Transfer between Local Banks and Licensed Money Exchangers According to Rule (16) from the Anti-Money Laundering Law
| No: 371000066843 | Date(g): 22/3/2016 | Date(h): 14/6/1437 |
Translated Document
In reference to SAMA Circular No. 15475/M AT/306 dated 12/04/1428 H, regarding the necessary actions for the General Authority of Customs to begin implementing the procedures outlined in the disclosure guide for cash and precious metals upon departure and arrival from and to the Kingdom, in accordance with Article (14) of the Anti-Money Laundering Law issued by Royal Decree No. M/39 dated 25/06/1424 H, and the requirements outlined by SAMA regarding the regulation of the process for licensed banks and money changers to transport cash in and out of the Kingdom generally through border crossings. Also referring to SAMA Circular No. 341000074807 dated 15/06/1434 H regarding amendments to the Anti-Money Laundering Law issued by Royal Decree No. M/31 dated 11/05/1433 H and its implementing regulations.
SAMA wishes to confirm the regulatory requirements included in the aforementioned circular and we would like to inform you that Article Fourteen of the Anti-Money Laundering Law issued by Royal Decree No. M/39 dated 25/06/1424 H has been amended to become Article Sixteen in the amended Anti-Money Laundering Law issued by Royal Decree No. M/31 dated 11/05/1433 H, and a paragraph regarding "negotiable financial instruments" has been added, and the term "disclosure" has been replaced with "declaration." Therefore, we hope you will comply and take the necessary actions to align internal instructions and procedures with the amendments included in Article Sixteen of the Anti-Money Laundering Law and its implementing regulations.