Dear Asharqia Chamber Subscribers Esteemed
May the peace, mercy, and blessings of God be upon you.
Asharqia Chamber extends its warmest greetings and informs you that it has received the Federation of Saudi Chambers’ letter No. (45556589/20), dated (25/04/1448 AH), referring to the Ministry of Commerce’s telegram No. (7455), dated (15/4/1448 AH), corresponding to (September 26, 2026), concerning the Anti-Money Laundering Law issued by Royal Decree No. (M/21), dated (12/2/1439 AH), and their implementing regulations. These include obligations for those engaged in trading precious metals and gemstones to apply due diligence measures, identify customers, verify their identities, and retain relevant information and records when conducting purchases or sales of precious metals and gemstones valued at SAR 50,000 or more in cash, whether the transaction takes the form of a single transaction or several transactions that appear to be connected.
As the Ministry is keen to enhance precious metals and gemstones traders’ compliance with due diligence procedures and to detail the measures for identifying customers and verifying their identities, traders are required to display an awareness sign in a prominent location for customers at all branches of their establishments. The sign must inform customers of identity verification requirements for purchases and sales of precious metals and gemstones, including presentation of a valid national ID for citizens, a valid residency ID for residents, and a valid passport for non-residents, while taking into account other documents and means legally approved for proving identity.
The Ministry also wishes to emphasize that the financial threshold referred to above does not affect obligations relating to issuing invoices and providing seller and buyer details as prescribed under the Precious Metals and Gemstones Law and its Implementing Regulations, nor any other legally prescribed identity verification requirements. Presenting an identity document does not remove the requirement to verify its authenticity, complete the remaining due diligence measures, and retain information and records in accordance with the relevant regulatory requirements. Due diligence measures must be applied regardless of the transaction value whenever there is suspicion of money laundering or terrorist financing, or doubt about the accuracy or sufficiency of customer information. Suspicious transactions must also be reported in accordance with the applicable regulatory procedures.
Accordingly, the Federation hopes that precious metals and gemstones traders will comply with the above and act accordingly.
Please accept our sincere regards and appreciation.