Definitions
| No: 361000067859 | Date(g): 25/2/2015 | Date(h): 7/5/1436 | Status: In-Force |
Translated Document
Central Bank: Saudi Central Bank*.
Category (A) Money Exchange Center: Any institution or company authorized to exchange various currencies and trade in them, handle traveler's cheques, and issue or accept remittances from licensed correspondents and money transfer service companies.
Category (B) Money Exchange Center: Any institution or company authorized to exchange various currencies and trade in them, and handle traveler's cheques. (Not permitted to issue or accept financial remittances).
Financial Intelligence Unit: The authority responsible for receiving and analyzing reports of activities suspected of being related to money laundering and terrorist financing from all financial and non-financial institutions.
Financial Action Task Force (FATF): An international governmental organization whose mission is to set standards and promote effective implementation of legal, regulatory, and operational measures to combat money laundering, terrorist financing, and the proliferation of weapons of mass destruction, and other threats related to the integrity of the Global financial system.
* The "Saudi Arabian Monetary Agency" was replaced By the "Saudi Central Bank" in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding to 26/11/2020G.