Saudi Arabia enforces one of the region’s most active anti-money laundering regimes. The Anti-Money Laundering Law and its Implementing Regulations reach well beyond banks: financial institutions supervised by SAMA, and designated non-financial businesses and professions such as real estate, dealers in precious metals and professional service firms, all carry obligations to know their customers, monitor activity and report suspicion. Enforcement is real, and a weak program exposes both the entity and its senior management.
What this covers
- AML risk assessment: an enterprise-wide assessment of your money laundering and terrorist financing exposure across customers, products, channels and geographies.
- Program design: AML and counter-terrorist financing policies, customer due diligence and enhanced due diligence procedures, and record-keeping aligned with the Saudi AML Law and your supervisor’s rules.
- KYC and screening: onboarding workflows, beneficial ownership identification and sanctions screening arrangements proportionate to your risk.
- Monitoring and reporting: transaction monitoring approaches and internal escalation paths for filing suspicious transaction reports with the Saudi financial intelligence authorities.
- Training and independent review: role-based AML training for staff and management, plus independent reviews that test whether the program works in practice.
How Innovant delivers
We size the program to your actual obligations. A SAMA-supervised institution, a real estate brokerage and a trading company face very different expectations, and copying a bank’s manual serves none of them. Our advisors draft policies in Arabic and English, build the registers and forms your teams will actually use, train your staff on the red flags relevant to your business, and prepare you for supervisory inspections and questionnaires. After delivery we remain on call for your compliance officer as cases and questions arise.
An AML program that fits your risk keeps regulators satisfied and your reputation intact. Talk to an advisor about your AML obligations in the Kingdom.