AML/CFT and Cybersecurity Laws in Saudi Arabia

Felix I. Lessambo ()
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Felix I. Lessambo: Fordham University

Chapter Chapter 25 in Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry, 2023, pp 193-196 from Palgrave Macmillan

Abstract: 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.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-3-031-23484-2_25

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DOI: 10.1007/978-3-031-23484-2_25

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