19/02/2025
Gentlemen/ Members of the chamber
Greetings,
Asharqia Chamber extends its best regards to you and informs you that it has received the letter from the Federation of Saudi Chambers No. (45517586/1) dated (18/8/1446 AH), which refers to the letter of the Ministry of Commerce No. (26146) dated (6/8/1446 AH), and is linked to Article (Seven) of the Anti-Money Laundering Law issued by Royal Decree No. (M/20) dated (5/2/1439 AH), which states: “Financial institutions, businesses and designated non-financial professions shall do the following: 1- Apply due diligence measures to their customers, and the regulation shall specify the cases in which these measures are applied and their types. 2- Determine the scope of due diligence measures based on the level of risks associated with the customer, business or commercial relationships, and apply enhanced due diligence measures when the risks of money laundering are high,” and Article (7/2) of the Executive Regulations, which states: “Due diligence measures must be based on the level of risk, and include at least the following elements: A- Identifying The identity of the customer, and verifying it using documents, data or information from a reliable and independent source, as follows: 1- For a natural person: Financial institutions and designated non-financial businesses and professions must obtain the full name of the person recorded in the official documents in addition to the address of residence or national address, date and place of birth, nationality and verify that information.....etc.
Accordingly, the Union hopes to adhere to the above-mentioned article and not to conduct sales or purchases without verifying the identity of the dealers based on official documents and in accordance with what is stated in the executive regulations. In case of any inquiries, you can contact the General Administration for Combating Money Laundering via e-mail (aml@mc.gov.sa).
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