17/11/2016
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Sirs / the respected participants of the Chamber
Peace, mercy and blessings of God
Asharqia Chamber presents its best
regards and informs you of the receipt of the letter of Saudi Chambers Council No. (462) the date (02/08/1438 e) to the letter of No.
(1850) the date (6/28/1437 ), regarding the determination of the Ministry of
Trade and Investment of observational inspections starting the
date (3 Rabi Alakher 1438 AH) (January 1/ 2017), to ensure sticking to what is
stated in the fight against money laundering in sectors under its responsibility, including real estate,
private real estate brokers offices.
So
on all real estate brokers offices of the must
put a panel inside the shop has a
full informations to communicate with
the public financial management for investigation, in terms of sizes and
colors, to be put in an invisible place to customers, to report any operation
suspected of money laundering or terrorist financing, the ministry inspectors will
make sure to do so during their I inspection .
Note
that in the future the ministry will inspect the following:
The
application of the principle of know
your client and the needed procedures.
Record
keeping for (ten years) It is possible that conservation and it can be made
electronically.
The
reporting of suspicious, or unusual transactions.
Putting
a banner containing the entire communication informations with the public administration of the financial inquiries.
Implementing
policies, procedures and internal controls, and fighting money laundering.
Training
programs.
Appointing
an official to observe the standards of money laundering in the management
level, and works independently.
For
more information and to look at the whole approved financial inquiries model,
please visit the Chamber site: www.chamber.org.sa
