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  AML Compliance Policy Statement

Al Amoudi Exchange Company declares its firm commitment to comply with all aspects of the Saudi Arabian Monetary Agency's (SAMA) AML/CTF Rules and its other relevant Regulations. Al Amoudi Exchange Co, therefore, has made these rules and regulations the basis of its policies, procedures, systems and controls. SAMA, the central bank of Saudi Arabia and the Regulatory and Supervisory body over banks and money exchangers, issued these rules in support of its efforts to combat money laundering, terrorist financing and other financial crime activities with the core objectives as follows:

  • To ensure compliance of banks and money exchangers in Saudi Arabia with regulations and instructions related to combating money laundering and terrorist financing in general and the Saudi AML Law and Bylaws in particular.

  • To help banks and money exchangers operating in Saudi Arabia to comply with the Banking Control Law, AML Law, SAMA Regulations, and all relevant United Nations Security Council Resolutions.

  • To implement policies, standards, procedures and systems for the prevention, detection, control and reporting of money laundering and terrorist financing activities in accordance with Basel Committee principles and FATF Recommendations on AML/CTF.

  • To protect banks and money exchangers operating in Saudi Arabia from being exploited as channels for passing illegal transactions arising from money laundering, terrorist financing and any other criminal activities.

  • To maintain, enhance and protect the credibility, integrity and reputation of the Saudi Arabian banking and financial systems.

  • To provide the highest degree of protection for customers.

 
In addition to the SAMA regulations, Alamoudi Exchange also considers and wherever possible, implements the FATF Recommendations (as revised in February 2012) and regularly reviews these together with the FATF typologies reports, when undertaking annual review of its AML/CTF Framework.

Al Amoudi Exchange enjoys sound and highly-respected reputation because of the quality and reliability of the services it offers. It expects to protect its reputation by putting in place sound policies covering Know Your Customer (KYC) procedures, firm requirements and procedures for the detection and reporting of money laundering activities, compliance training including reporting and record keeping requirements of the regulations that create a paper trail for law enforcement to investigate money laundering schemes and other illegal activities.

Al Amoudi Exchange Company is committed to developing policies that comply with the international standards and the best practices in the industry, and to reviewing the procedures and control on a regular basis.

Internal and external auditors regularly test the practical implementation of the aml & ctf rules and regulations and submit their factual findings to the MD.

 

 Definition of Money Laundering and Terrorist Financing 

Money Laundering

Money laundering is defined as any actual or attempted act aimed at concealing or camouflaging the nature of illegally or illegitimately earned property to make it look as proceeds from legal sources - the concealment or disguise of the true nature, source, location, disposition, movement or ownership of, or rights with respect to property, knowing that such property is the proceeds of crime.

Regardless of the crime, money launderers resort to placement, layering, and integration in the process of turning illicit proceeds into apparently legal monies or goods.

The FATF defines money laundering as the process by which proceeds from criminal activities are disguised to conceal their illegal origin in order to legitimize the ill gotten gains of crime.
 
Terrorist Financing

The Saudi AML Law defines criminal activity as any activity sanctioned by Shariah or law including the financing of terrorism, terrorist acts and terrorist organizations. Article Two of AML Law’s implementing regulations describes “financing terrorism, terrorist acts and terrorist organizations includes even funds obtained from legitimate sources. “

Saudi Arabia is committed to implementing all relevant United Nations Security Council Resolutions directed towards fighting terrorist financing and has criminalized financing of terrorism, terrorist acts and terrorist organizations. SAMA requires strict compliance with UN and FATF directives.

Further, the FATF recommends that the definition of terrorist financing offences should be extended to any person who willfully provides and collects funds by any means, directly or indirectly, with the unlawful intention that they should be used, or in the knowledge that they are to be used, in full or in part: (a) to carry out a terrorist act(s); (b) by a terrorist organization; or (c) by an individual terrorist.