Awareness Messages

AMLAnti-Money Laundering CommitteeAwareness Messages

Awareness Messages

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A person who carries out banking transactions to commit unlawful activities through others’ banking accounts shall be held accountable and subject to the punishment for such crime
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Money Laundering contributes to create economic and social gaps between members of the society and increase poverty rates.
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Money laundering operations in any country may lead to the spread of the shadow economy or commercial concealment, resulting into a decline in the economic growth.
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The perpetrator of money laundering shall be punished with a fine of up to seven million riyals and imprisonment for up to fifteen years or both, as prescribed by laws in force.
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It is important to disclose the real source of funds and the actual purpose of the transaction when dealing with financial institutions, as incorrect data may expose you to accountability.
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Receiving cash from a known person for depositing it in an unknown person's account may expose you to accountability, as the money to be deposited may be from an illicit source.
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A Saudi sentenced to imprisonment for money laundering shall be banned from traveling outside Saudi Arabia for a period equal to the term of imprisonment.
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The funds whose origin to be concealed (laundered) are not limited to cash, but includes assets, property and economic resources, whatever their value, type or manner of ownership.
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Money Launderers tend to sell assets of illicit sources at below-real prices, causing damage to fair competition, adversely affecting other commercial activities.
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