Mar.24, 2010

The Saudi Arabian Monetary Agency (SAMA), recently advised banks and financial institutions to enhance their capabilities to combat money laundering while speaking at a two-day symposium on compliance and anti-money laundering at the Institute of Banking (IOB) in Riyadh. H.E. Dr. Muhammad Al-Jasser, Governor of the Kingdom’s central bank, recognized that, over the course of the past year, the IOB carried out 47 training programs to train 800 officials in an effort to stem the tide of money laundering. SAMA introduced a money laundering law in 2003 and appointed a permanent committee to monitor criminals involved in money laundering.