22/07/2020
Dears/ Members of the Chamber
Greetings
Asharqia Chamber presents you with its best regards, and informs you that it has received the letter of the Council of Saudi Chambers No. (L / 2126) and the date (11/28/1441) and referred to in the letter of His Excellency the Undersecretary of the Ministry of Commerce for Consumer Protection in charge No. (20431) and date (11/17/ 1441), which includes reference to Article Seven of the Anti-Money Laundering Regulation issued by Royal Decree No. (M / 20) and the date (5/2/1439) which states "Financial institutions, businesses and limited non-financial professions should do the following: -
To apply to its customers the measures of due diligence and the regulations specify the cases in which these measures and their types are applied.
That the scope of the due diligence measures is determined on the basis of the level of risk associated with the customer, business or commercial relationship, and that strict due diligence measures be applied when the risks of money laundering are high.
And Article (7/2) of the executive regulations stipulating that "due diligence measures must be based on the level of risk and include, at a minimum, the following elements: A - Identification of the customer's identity, and verification of it using documents, data or information from a reliable and independent source, based on As follows: -
For the natural person: The financial institution and specific non-financial professions must obtain the full name of the person listed in the official evidence, in addition to the address of the residence or national address, the date and place of birth, nationality, and verification of that information ... etc.
Accordingly, the Council hopes from the relevant investors who are specialized in the trade of precious metals and precious stones, to adhere to the above-mentioned article and not to make sales or purchases without verifying the identity of dealers based on official documents and in accordance with what is explained in the executive regulations.
Sincerely Regard
