• Compliance with the executive regulations of the money laundering system


    Dears/Members of the Chamber

    The Asharqia Chamber gives you its best regards and informs you of receiving the letter of the Council of Saudi Chambers No. Referred to the letter of the Ministry of Commerce and Investment No. (81) and the date (1/1 / 1439H), which includes a request to circulate to dealers of precious metals and precious stones to continuously verify the identity of their dealers based on official documents, and a reference to the letter of His Excellency Undersecretary of the Ministry of Commerce and Investment For the protection of the consumer entrusted with the appendix No. (2981) and the date (8/2 / 1441H), referred to that the Anti-Money Laundering Law issued by Royal Decree No. (M / 20) Date (5/2/1439), stipulated in Article VII: "Financial institutions and non-financial work and professions specified, the following: 1 - to apply to its customers due diligence measures, and the Regulations shall specify the cases in which the measures and types are applied", as Article 7, paragraph 2, of the Implementing Regulations states that "due diligence measures shall be based on the level of risk and shall include at a minimum the following elements: (a) Identification and verification of the customer's identity using documents, data or information from a reliable and independent source".​

    Since the concerned public administration to combat money laundering has done a number of rounds on the control of precious metals and precious stones dealers, and show them not to restrict some traders as stipulated in the circular referred to above.​ 

    Accordingly, the Ministry hopes to abide by the aforementioned article and verify the identity of the dealers based on official documents and in accordance with what is stated in the system and its executive regulations.​


© All Rights Reserved for Asharqia Chamber