Saudi Arabia: Banks Should Appoint Anti-commercial Cover-up Official

Saudi Arabia: Banks Should Appoint Anti-commercial Cover-up Official News developments

Saudi Arabia: Banks Should Appoint Anti-commercial Cover-up Official

Saudi Gazette, 14 July 2021: Saudi Arabia’s Central Bank has announced banks should appoint an anti-commercial cover-up official.

They will be responsible for monitoring and reporting suspected cases.

They also have to report the suspected cases to the Director of the Department of Anti-Money Laundering and Counter-Terrorist Financing.

A Circular to this effect has been issued.

They should have the relevant expertise and competence in tackling commercial cover-up, money laundering and terrorist financing and in drafting policies and procedures necessary to tackle cover-ups and report these cases.

The policies and procedures include developing technical systems to detect suspected cover-ups as well as creating and developing scenarios for account control to tackle cover-ups.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Marlé Van Sandwyk