Abstract
The legal AML framework in KSA is composed of Shari’ah law and the Anti-Money Laundering Statute (AMLS). Saudi Arabian AML regime started in 2003 when the Saudi Government passed an Anti-Money Laundering Statute 2003 and its Implementing Regulations in 2005. The Anti-Cybercrimes Law of 2017 (the “Cybersecurity Law”) is a general law that applies across the board and addresses data protection in the context cybercrimes. The SAMA Anti-Money Laundering and Terrorist Financing Guidelines require that all Banks within Saudi Arabia establish a dedicated Unit to combat money laundering and terrorist financing.
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Notes
- 1.
Manual for Anti-Money Laundering and Combating the Financing of Terrorism, https://www.awqaf.gov.sa/sites/default/files/2020-08/Manual%20for%20Anti-Money%20Laundering%20and%20Combating.pdf.
- 2.
Madhura Phadtare (..):Money Laundering Challenges in Saudi Arabia, https://regtechtimes.com/aml-certification-in-saudi-arabia/.
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Lessambo, F.I. (2023). AML/CFT and Cybersecurity Laws in Saudi Arabia. In: Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-23484-2_25
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DOI: https://doi.org/10.1007/978-3-031-23484-2_25
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