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.
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