Saudi Arabia Tightens AML Rules in Gazette Update

Saudi Arabia published updated executive regulations for the Anti-Money Laundering Law in the Official Gazette on Friday. The amendments, issued by the President of State Security, revise the implementing rules that financial institutions, designated non-financial businesses, and professions must follow under the kingdom's primary AML statute.

The changes update the regulatory framework that governs how banks, money exchangers, insurance companies, and capital market institutions identify and report suspicious transactions. The revisions also cover real estate brokers, dealers in precious metals and stones, lawyers, and accountants when they engage in specified financial activities.

Saudi Arabia's AML regime has been under review as the kingdom pushes to align its financial crime controls with international standards set by the Financial Action Task Force. The FATF placed Saudi Arabia on its "gray list" of jurisdictions under increased monitoring in 2018 and removed it in 2021 after the kingdom strengthened its enforcement framework.

The updated regulations clarify reporting obligations for cash transactions exceeding SAR 60,000, tighten requirements for customer due diligence, and expand the scope of entities required to maintain compliance programs. The amendments also address cross-border currency transfers and the reporting of suspicious activity by digital payment providers.