• The Ministry of Trade and Investment determins to make observational inspections



    Sirs / the respected participants of the Chamber

    Peace, mercy and blessings of God


          Asharqia Chamber presents its best regards and informs you of the receipt of the letter of Saudi Chambers Council  
    No. (462) the date (02/08/1438 e) to the letter of No. (1850) the date (6/28/1437 ), regarding the determination of the Ministry of Trade and Investment of   observational inspections starting the date (3 Rabi Alakher 1438 AH) (January 1/ 2017), to ensure sticking to what is stated in the fight against money laundering in sectors under  its responsibility, including real estate, private real estate brokers offices.

         So on all real estate brokers offices of the must  put  a panel inside the shop has a full informations to communicate with the public financial management for investigation, in terms of sizes and colors, to be put in an invisible place to customers, to report any operation suspected of money laundering or terrorist financing, the ministry inspectors will make sure to do so during their I inspection .

    Note that in the future the ministry will inspect the following:

    The application of the principle of know your client and the needed procedures.
    Record keeping for (ten years) It is possible that conservation and it can be made electronically.
    The reporting of suspicious, or unusual transactions.
    Putting a banner containing the entire communication informations with the public  administration of the financial inquiries.
    Implementing policies, procedures and internal controls, and fighting money laundering.
    Training programs.
    Appointing an official to observe the standards of money laundering in the management level, and works independently.


    For more information and to look at the whole approved financial inquiries model, please visit the Chamber site: www.chamber.org.sa

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