The following terms and phrases – wherever mentioned in this Law – shall have the meanings assigned thereto unless the context requires otherwise:
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| | 1- | The law: the Anti-Money Laundering law. |
| | 2- | The regulation: the Implementing Regulation of this law. |
| | 3- | Funds: Assets, economic resources or properties of any value or type, however acquired, whether material or immaterial, movable or immovable, tangible or intangible, along with documents, deeds, transfers, letter of credits and instruments of any form, whether inside or outside the Kingdom. This include electronic or digital systems and bank credits that evidence ownership or interest therein, also all types of commercial papers , securities, or any interest, profit or other income generated from such funds. |
| | 4- | Predicate Offense: Any committed act within the KSA constituting an offense punishable by Sharia or statutory law, or any act committed outside the Kingdom if it constitutes a crime according to the laws of the State where it was committed and would have constituted an offense under the Sharia or statutory laws of the Kingdom had it been committed therein. |
| | 5- | Proceeds of crime: the funds directly or indirectly obtained or acquired from or through the commission of a predicate offense, whether inside the Kingdom or outside, including any funds transferred or converted wholly or partially into other type of funds. |
| | 6- | Instrumentalities: Anything prepared, used, or intended to use, in any form to commit a crime of crimes stipulated in the law. |
| | 7- | Financial Institution (FI): Any conduct as a business one or more of the financial activities or operations specified in the Implementing Regulation of this Law for or on behalf of a customer. |
| | 8- | Designated Non-Financial Businesses or Profession (DNFBP): Any conducted of any commercial or professional activities as specified in the Implementing Regulation. |
| | 9- | Non-profit Organizations (NPO): Any non-profit organization entity that – legally authorized, to collects, receives or disburses funds for charitable, religious, cultural, educational, social or cooperative purposes or for any other purposes. |
| | 10- | Provisional Seizure: Temporary ban on the transport, transfer, exchange, conversion, disposal, or movement of funds, and temporary possession, pursuant to an order issued by a competent court or authority. |
| | 11- | Confiscation: Permanent expropriation and deprivation of funds, Proceeds of crime, or instrumentalities pursuant to an order issued by a competent court or authority. |
| | 12- | Supervisory Authority: The authority with responsibility to monitor the compliance by FIs, DNFPBs, and NPOs with the requirements under this Law, its Regulation or any relevant decision or instructions. |
| | 13- | Competent Authority: Any administrative authority, law-enforcement authority or supervisory authority. |
| | 14- | Bearer Negotiable Instruments: Monetary instruments in bearer form, such as cheques, promissory notes, and money order, that are in bearer form or endorsed or made out to a fictitious payee, or otherwise that are in such form that title thereto passes upon delivery, or incomplete instruments signed but with the payee’s name omitted. |
| | 15- | Beneficial owner: Any natural person who ultimately owns or exercises direct or indirect control over a customer or on whose behalf a transaction is being conducted, including on the FIs or DNFBPs or NPOs or any other legal person. |
| | 16- | Customer: Any person who conduct or intend to conduct any activities as stipulated in the Implementing Regulation with the FIs, DNFBPs. |
| | 17- | Business relationship: Any relationship with a continuing nature, which is established between any of FIs and DNFBPs and its clients related to the activities or services the FIs and DNFBPs provide to them. |
| | 18- | Shell Bank: A bank that is incorporated or licensed in a country in which it has no physical presence and that is unaffiliated with a regulated financial group that is subject to regulation and supervision. |
| | 19- | Wire Transfer: A financial transaction carried out on behalf of an originator through a financial institution with the view to making an amount of funds available to a beneficiary at another financial institution, irrespective of whether the originator and the beneficiary are the same person. |
| | 20- | Due Diligence Measures: The process of obtaining or verifying information on a customer or beneficial owner to enable the FIs or DNFBPs to assess the extent to which the customer exposes it to a range of risks. |
