CMA LAW: Circular No. (13) of 2017 Regarding the obligations issued in article (7-7) of Module Sixteen “Anti- Money Laundering and Combating Financing of Terrorism” of the Executive Bylaws

 Circular to All Licensed Persons

Chairman of the Board of Directors 

Greetings,

With reference to the provisions of article (7-7) of Module Sixteen “Anti-Money Laundering and Combating Financing of Terrorism” of the Executive Bylaws and law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activity and their amendments, which states the following: 

 “A Licensed Person shall have an external Auditor carried out as prescribed by the

CMA. The external auditor shall report on the entity’s adherence to the Anti-Money

Laundering and Combating Financing of Terrorism Law and instructions issued by

The Authority relative on this matter, as well as the person’s adherence to its own

policies, procedures, systems and controls.”

We would like to draw your attention to the importance of complying with the provisions issued on the previously mentioned article, with the need to prepare the required report on an annual basis for the period from January 1^st until December 31^st every year, and submitting a copy of the report to the Authority by March 31 each year. 

Mishaal M. Al-Usaimi
 

Issued on: 14/12/ 2017

Copy of the Official Document

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