Bank AccountsBankingMoney TransferSaudi Arabia

SAMA Directs Banks to Monitor Transactions

The Saudi Arabian Monetary Authority (SAMA) has issued a directive to all banks in the Kingdom to report any account transactions not matching with account holder’s income, local media reported.

It is mandatory for all banks and money exchange companies to report to the General Administration for Financial Investigation at the Presidency of State Security about any suspected financial transaction as per the rules for combating money laundering and terror funding issued by SAMA.

As per the report, account holders must pay great care before carrying out any financial transactions.

Expatriates working in Saudi Arabia must not make any financial transactions more than their salary income.

However, many of the expatriates are still not very aware of it. It is common among expatriates, remit other people’s salaries through their personal accounts. It should be avoided.