Banks to monitor transactions
2019-03-04 By Adnan Al-Shabrawi - Okaz/Saudi Gazette - JEDDAH — Saudi Arabian Monetary Authority (SAMA) has issued directives to all banks to report any account with transactions disproportionate to its holder’s income, Okaz has learned from sources.
In a circular to all Saudi banks, Deputy Governor of SAMA for Monitoring Fahd Al-Shithri mentioned that several arrangements are in place to combat expatriates’ illegal control of commercial activities.
All banks and money exchange companies are mandated to report to the General Administration for Financial Investigation at the Presidency of State Security any suspected financial transaction as per the rules for combating money laundering and terror funding issued by SAMA.
Speaking to Okaz, lawyer Hakam Al-Hakami said the directives come within the steps being taken by the pertinent authorities to monitor any money laundering or suspicious operations in financial accounts.
He urged account holders to ensure the source before carrying out any financial transactions.