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CMA LAW: Circular No. (17) of 2019 Regarding the Annual Report on Anti-Money Laundering and Combating Financing of Terrorism
Date Publish
31 December 2019
"Circular to All Licensed Persons"
Chairman of the Board of Directors
Greetings,
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 On-site Supervision Department at the CMA by March 1st every year, according to its special form, provided that the report covers the period from 1st of January to 31st of December of each year. You should also attach a copy of "Know Your Client (KYC)" forms of the new foreign clients (non-residents) during the year of the mentioned annual report that is sent by you.
Othman Al-Issa
Acting Managing Director
Issued on: 31/12/2019
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
