Money Laundering Challenges in Saudi Arabia

Money Laundering has become a very easy way for the criminals for hiding there source as dirty or criminal money. Terrorist financing, drug trafficking are the major concerns in Saudi Arabia. The financial institutions are also combating money laundering that’s taking place in Saudi Arabia.Since, money laundering is a continuous problem in Saudi Arabia. The country is taking effective steps to combat money laundering.  One of the demanding countries in the whole economy is Saudi Arabia.

AML Certification in Saudi Arabia

Certified Anti-Money Laundering Professional  (CAMP)is the course developed by RT Academy. It is the one of the best international certification in the AML domain. In order to take the course global, the team of Regtechtimes Academy entered into an agreement to offer the certification program to the global compliance officers. The certificate program is appropriate for the all those that wish to develop professionally, increase their AML skills and knowledge, and seek career advancement by getting certified.

Additionally, money laundering in Saudi Arabia is an enduring problem.  Saudi Arabia has implemented many of the provisions of the Financial Action Task Force (FATF) Forty Plus Nine Recommendations. Similarly, Saudi Arabia is among the first few countries to give special attention to the countering of money laundering by committing to and complying with many rules and international conventions and putting them into practice. Hence, in Saudi Arabia, the aspirants can opt for this course.

Trade Based Money Laundering Certification 

Trade based money laundering is also increasing in Saudi Arabia.  International Trade involves multiple parties and jurisdictions. By doing the Trade Based Money Laundering certification program the aspirants would be able to understand the techniques used by money launderers to manipulate the trade transaction that are taking place.Globally this certification is valid.  Hence, this certification emphasizes on to get the in depth knowledge of trade finance.

Additionally, trade Based Money Laundering course will help one to understand the trade finance concept, how to identify early warning signs of suspicious trade transactions, different types of methods used to launder money. This certification program is a video learning based course. Hence, Certified TBML expert is an important tool for the financial institutions to combat TBML.

FATF action on Saudi Arabia

Since, in 2019 counter terrorist financing and anti-money laudering standards implemented in Saudi Arabia. According to that Evaluation, Saudi Arabia was deemed Compliant for 17 and Largely Compliant for 21 of the FATF 40 Recommendations. It was deemed Highly effective for 0 and Substantially Effective for 4 of the Effectiveness  & Technical Compliance ratings.

The other Anti-Money Laundering regulatory bodies include;

  • The Ministry of Foreign Affairs
  • Ministry of Justice, Ministry of Commerce and Industrial
  • Ministry of Finance