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Published in:
Money Laundering and Combating Finance Terrorism Read chapter Read first chapter

2023 | OriginalPaper | Chapter

25. AML/CFT and Cybersecurity Laws in Saudi Arabia

Author : Felix I. Lessambo

Published in: Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry

Publisher: Springer Nature Switzerland

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Abstract

The legal AML framework in KSA is composed of Shari’ah law and the Anti-Money Laundering Statute (AMLS). Saudi Arabian AML regime started in 2003 when the Saudi Government passed an Anti-Money Laundering Statute 2003 and its Implementing Regulations in 2005. The Anti-Cybercrimes Law of 2017 (the “Cybersecurity Law”) is a general law that applies across the board and addresses data protection in the context cybercrimes. The SAMA Anti-Money Laundering and Terrorist Financing Guidelines require that all Banks within Saudi Arabia establish a dedicated Unit to combat money laundering and terrorist financing.

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previous chapter AML/CFT and Cybersecurity Laws in Argentina
next chapter AML/CFT and Cybersecurity Laws in South Africa
Footnotes
2
Madhura Phadtare (..):Money Laundering Challenges in Saudi Arabia, https://​regtechtimes.​com/​aml-certification-in-saudi-arabia/​.
 
Metadata
Title
AML/CFT and Cybersecurity Laws in Saudi Arabia
Author
Felix I. Lessambo
Copyright Year
2023
Book
Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry

Print ISBN: 978-3-031-23483-5

Electronic ISBN: 978-3-031-23484-2

Copyright Year: 2023

DOI
https://doi.org/10.1007/978-3-031-23484-2_25