Title: Circular No. (13) of 2020 Regarding the Annual Report on Anti-Money Laundering and Combating Financing of Terrorism
Date Publish 31 December 2020
"Circular to All Licensed Persons"
Chairman of the Board of Directors
We would like to draw your attention to the provision of Article (7-5) of Module Sixteen (Anti-Money Laundering and Combating Financing of Terrorism) of the Executive Bylaws of Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments, concerning the importance of preparing an annual report by the compliance officer to the board of the licensed person, and including all actions taken to implement the internal policies, procedures and controls and any proposal for increasing the effectiveness and efficiency of the procedures, in addition to submitting a copy of the report to the CMA.
Therefore, you are required to comply with the above mentioned provision, and submit a copy of the required report approved by the board of directors to the CMA starting on January 1st until March 1st every year, according to the form of the Annual Report on Anti-Money Laundering and Combating Financing of Terrorism within the requirements of the On-site Supervision Department on CMA's electronic portal. You should also attach a copy of "Know Your Client (KYC)" forms of the new foreign clients (non-residents) in its designated field of the mentioned annual report form that is sent by you through CMA's electronic portal.
Prof. Ahmad A. Al-Melhem
Issued on: 31/12/2020
Copy of the Official Document
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