Dear Esteemed Chamber Subscribers,
May the peace, mercy, and blessings of Allah be upon you.
Asharqia Chamber extends its warmest greetings to you and would like to inform you that it has received the letter of the Federation of Saudi Chambers No. (45545253/20), dated (1/9/1447 AH), which includes the Federation’s receipt of the Ministry of Commerce telegram No. (23221), dated (15/8/1447 AH), which refers to the Precious Metals and Gemstones Law No. (M/42), dated (10/7/1403 AH), and the competencies it grants the Ministry of Commerce in issuing regulations and instructions for the precious metals and gemstones trading activity, and, based on paragraph (c) of Article (7/2) of the Implementing Regulations of the Anti-Money Laundering Law issued by Royal Decree No. (M/20), dated (5/2/1439 AH), the requirement that due diligence measures include identifying the beneficial owner and taking reasonable steps to verify their identity using documents, data, or information from a reliable source. A copy of the guide on customer due diligence relating to the beneficial owner in the precious metals and gemstones trading activity can be obtained through the Ministry’s website.
Please accept our sincere regards and appreciation.