​Capital Market Authority (CMA) and the General Directorate for Financial Investigation Unit (FIU) in the Ministry of Interior, held a workshop recently to raise awareness of the fight against suspicious transactions at CMA headquarters in Riyadh.

The workshop was opened by Turki Almjehd, manager of the Anti Money Laundering and Terrorist Financing Department at the CMA. Management personnel, department staff, as well as representatives from Authorized Persons (financial institutions licensed by CMA to operate in the capital market) also attended.

Abdulaziz Al-Qarni from the FIU highlighted in his presentation the international standards to combat money laundering and the financing of terrorism and the importance of reporting all suspicious financial transactions. FIU acts as a national center for receiving suspicious transaction report (STR), analyzing and taking necessary actions. The FIU also clarified the importance of the role of financial institutions the fight against suspicious transactions  with regard to terms of the quality of reporting processes. It also addressed the patterns developed in the financial operations and which are utilized in suspicious transactions. At the end of the workshop, several recommendations have been put forth and agreed upon, which will help the work towards combating money laundering.

CMA has reiterated its position to implement all measures to prevent anti-money laundering and terrorist financing in the capital market in compliance with local laws in relation to such measures.

CMA issued AML Rules in December 2008. Article 1 of the Rules states that, the goal of these rules are to ensure the compliance by Authorized Persons as per the
 dictates of the AML Law which was approved by the Royal Decree and the forty recommendations issued by the Financial Action Task Force (FATF) and other international conventions, and resolution of UN Security Council.

The first article of the AML Rules also states that the aim of the rules is to enhance the integrity and credibility of the financial market and the protection of Authorized Persons and their agents from illegal operations that may involve money laundering or the financing of terrorism or any other criminal activity.

As part of its efforts to enhance the integrity of the financial market and the safety of the money invested,  CMA said that Authorized Persons are committed to developing and implementing policies and procedures and internal controls that help combat money laundering and terrorist financing and  inform all employees regarding these Rules.