AML Policy, Controls, and Procedures Documentation

Money laundering and terrorism financing activities are on the rise in Saudi Arabia, placing businesses at risk and raising questions about an organization’s integrity, leading to a negative image. To avoid being exposed to money laundering and terrorism financing activities, businesses must completely control their procedures and operations. We provide documentation services for AML policies, controls, and processes to assist firms in remaining compliant with Saudi Arabia’s AML regulations.

Organizations in Saudi Arabia seek plans and procedures to protect their operations against money laundering and terrorism financing to avoid AML risks and fines. They must have rules and processes to detect the consequences of money laundering and terrorism financing. To decrease the risks of AML and CFT at any step of their operations, they must establish essential AML policies and control mechanisms.

Quality. Timeliness. Empowerment

Engage us to help your organization build the best AML policies and procedures manual.

About AML KSA

AML KSA provides efficient AML consultation and compliance advisory services to Saudi Arabian organizations, addressing their AML compliance challenges. Our clients are small and medium-sized businesses, start-ups, and influential organizations from various industries. We have a large staff of regulatory experts and compliance professionals that are well-versed in Saudi Arabia’s anti-money laundering and counter-terrorist financing policies and regulations. We understand the impact of AML/CFT legislation on organizations across various industries, and we tailor our services and solutions to match their needs.

Documentation of AML Policy, Controls, and Processes

We design the relevant rules, standards, and procedures for AML/CFT frameworks for you. Here’s how we go about developing AML/CFT frameworks that are suitable for your company:

Risk Identification

We assist our Saudi Arabian clients in understanding the challenges of money laundering and terrorism financing. We search for weaknesses in your business practises that money launderers might use to make unlawful payments appear legitimate. To measure a company's risk exposure, we identify numerous risks such as enterprise risk, geographic risk, product or service related risk, channel risk, and customer risk.

Evaluation of current AML policy

Next, we'll evaluate your present anti-money laundering and counter-terrorist financing policies and processes to guarantee that your activities are clear of illegal funds. We investigate the effectiveness of these regulations to discover any weaknesses or spots where they may be strengthened.

Gap Analysis

In steps 1 and 2, we report the identified risks and current policies, respectively. Based on this, we do a gap analysis to see where we can help your company achieve AML compliance. This gap analysis is used to initiate further discussions with stakeholders to get their input. They will be more aware of the risks and loopholes if they are more familiar with the procedure.

Development of AML Policy Manual

Our compliance and regulatory specialists are experts in putting together AML compliance frameworks and control systems for your company. We understand the threats to your organization and provide a tailored anti-money laundering compliance programme to help you respond successfully, including creating AML policies, controls, and procedures to ensure that your business operations run smoothly.

Integrity. Leadership. Freedom.

AML/CFT frameworks can help your company become risk-free and expand.

Why us?

Personalized Service. Timely Delivery. 100% Compliance.

Comply with anti-money laundering and anti-sanctions regulations. You can address regulatory issues connected to AML-CFT with our team of highly qualified AML professionals.

FAQs

What is the legal requirement for implementing Saudi Arabia's AML-CFT policies, controls, and procedures?

According to Saudi Arabia’s Royal Decree No. M/39, Article 10 requires that the Financial and non-financial entities implement rules, controls, and procedures to fight money laundering transactions depending on their type and size organization.

All branches, subsidiaries, and associated enterprises in which FI, NPOs, and DNFBPs have a majority stake must adopt and implement AML policy, controls, and procedures.

For controlling and minimizing ML/FT risks, AML policies, procedures, and processes must be reasonable, proportional to the risks, and compatible with the outcomes of risk assessments.

What aspects of internal anti-money laundering rules, controls, and processes should be addressed?

To reduce ML/FT risks, FIs, NPOs, and DNFBPs must frame their AML-CFT policies, controls, and procedures. The following subjects should be covered by these rules, controls, and systems:

• Detection and evaluation of ML/FT threats
• Evaluation, updating, and dependence on third parties are all types of due diligence (CDD, EDD, SDD).
• Customer and transaction monitoring, as well as suspicious transaction reports
• AML/CFT governance includes compliance staffing and training, senior management duties, and independent risk mitigation audits.
• The requirement for ten years of documentation