Money Laundering Challenges in Saudi Arabia

Saudi Arabia is one of the most critical countries for economic diversity. It aims at the private sector’s growth by applying a method that encourages local people to entrepreneurship. Besides, money laundering is a problem for Saudi Arabia going back many years. The country continues to take steps to combat money laundering and has focused on the fight against terrorist financing.

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.This cerification is created for global audience.  This certification emphasizes on to get the in depth knowledge of trade finance.  Therefore, seeing the exponential growth of trade in the global scenario, trade based money laundering poses an immediate threat as a significant channel of criminal activity and exposes businesses across countries to the risk and vulnerabilities of being involved in terrorist financing.

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.

What are the AML Regulations in Saudi Arabia?

In Saudi Arabia, the Anti-Money Laundering law adopted by the Saudi Arabian Council of Ministers is applied. Financial Action Task Force (FATF) Forty Plus Nine Recommendations implements many provisions.  Hence, In Saudi Arabia, some other local regulations are as follows;

  • Finances Companies Control Law
  • Banking Control Law
  • Payment Service Provider Laws(PSP)
  • Communications and Information Technology Commission(CITC)

Saudi Arabia’s FATF Status

Saudi Arabia is a FATF member since 2019.  Also, It has implemented FATF Forty Plus Nine Recommendations. Minister of Trade and Finance found the ministry of AML in Saudi Arabia.  However, the Saudi Arabian Monetary Agency, the Capital Markets Authority (CMA), the Communications and Information Technology Commission (CITC) are other local regulatory agencies.

The other Anti-Money Laundering regulatory bodies include;

  • The Ministry of Foreign Affairs
  • Ministry of Justice, Ministry of Commerce and Industrial
  • Ministry of Finance
  • Department of Customs
  • Commission for Investigation and Prosecution