Saudi Arabian AML regime started in 2003 when the Saudi Government passed an Anti-Money Laundering Statute 2003 and its Implementing Regulations in 2005. Saudi Arabian Monetary Agency is one of the biggest implementation agencies in the country along with others. In the wake of the developments in the country, AML Certification in Saudi Arabia becomes important.
Terrorist financing and drug trafficking are the major concerns in Saudi Arabia. The financial institutions are also combating money laundering that’s taking place in Saudi Arabia. Since money laundering is a continuous problem in Saudi Arabia. The country is taking effective steps to combat money laundering. One of the most demanding countries in the whole economy is Saudi Arabia. To combat the money laundering in the country refined anti-money laundering laws are invented.
What are the crimes in Saudi Arabia
The crime in Saudi Arabia are increasing day by day. Saudi Arabia has implemented the Islamic Sharia law that shows the crimes committed in Saudi Arabia are decreasing day by day. The country has stablished stringent laws related to drug trafficking. Even though the stringent laws are developed the trafficking in Saudi Arabia increased rapidly that are connected through the underground channels. Saudi Arabia is regarded as the important signatory to take the different drug control measures.
The other criminal activities that is associated to the country is of Terrorism. The terrorism financing is one of the matter of concern. A lot of terrorist attacks have taken place in the country. The important crime that would be considered is the Cyber crime in the country. Recently, the information technology has gained a lot of importance. Cyber crimes taht took place in the country include hacking, phishing, spamming etc.
What is the status of FATF Evaluation
The Financial Action Task Force list of countries has not currently added Saudi Arabia as it is not recognized under the strategic AML deficiencies that are involved. Saudi Arabia has taken efficient measures to combat the money laundering that was taking place in the country. They have done this to regulate the legal framework and bring it on line.
What is Financial Action Task Force
The Financial Action Task Force is regarded as the global money laundering and terrorist financing watchdog. This body is developed to set up the standards with the aim to combat the illegal activities that are taking place in the country. FATF promotes bringing up the national legislative and regulatory reforms in these prone areas.
Countries on the grey list do not suffer as severe repercussions as those on the Black List. Countries turning a blind eye toward the spread of blatant money laundering and terror funding are placed on the black list. The FATF has likely observed the beginnings of such activities in grey-listed countries. Placing a country on the grey list serves as a sort of warning for them. If they do not take any action against the spread of such activities, the FATF will most likely move them to the Black List. The black list was formerly known as the “Call for action” list and the Grey List “Other monitored jurisdictions.
Since 2019 counter-terrorist financing and anti-money laundering standards implemented in Saudi Arabia. According to that Evaluation, Saudi Arabia was deemed Compliant for 17 and Largely Compliant for 21 of the FATF 40 Recommendations. It was deemed Highly effective for 0 and Substantially Effective for 4 of the Effectiveness & Technical Compliance ratings.
The other Anti-Money Laundering regulatory bodies include;
- The Ministry of Foreign Affairs
- Ministry of Justice, Ministry of Commerce and Industrial
- Ministry of Finance
Overview of the Economy
Most of the economy of Saudi Arabia is based on oil industry. The country has derived its importance by showing the command on the government that are related to the crucial economic activities that are taking place in the country at large.
The country is motivating the private sector to increase rapidly as the country wants to specialize its economy as well as employ the citizens of the country. Most of the Saudi economy depends on the oil industry.
How big is the AML challenge
The Anti Money Laundering challenge is triggering day by day in Saudi Arabia. The country has taken initiative to combat money laundering. The country wants to curb the illicit activities related to terrorist financing. Saudi Arabia is the foremost country to retaliate the illegal money laundering activities to combat as well as comply with the rules. The country has put forth the broad understanding of the areas in the financial crime and money laundering. Therefore, to get the overall understanding related to AML. CAMP AML Certification in Saudi Arabia is developed for the citizens of the country.
AML Certification in Saudi Arabia
Certified Anti-Money Laundering Professional (CAMP) the AML Certification in Saudi Arabia is the course developed by RT Academy. It is one of the best international certifications in the AML domain. In order to take the course globally, the team of Regtechtimes Academy entered into an agreement to offer the certification program to the global compliance officers. The certificate program is appropriate for all those that wish to develop professionally, increase their AML skills and knowledge, and seek career advancement by getting certified.
Additionally, money laundering in Saudi Arabia is an enduring problem. Saudi Arabia has implemented many of the provisions of the Financial Action Task Force (FATF) Forty Plus Nine Recommendations. Similarly, Saudi Arabia is among the first few countries to give special attention to the countering of money laundering by committing to and complying with many rules and international conventions and putting them into practice. Hence, in Saudi Arabia, aspirants can opt for this course.
Examination Pattern
The Certified Anti-Money Laundering Professional Program the AML Certification in Saudi Arabia is liable for MCQ-based online examination. There are 100 questions for 100 marks. The duration of the examination is 2 hours. There are no negative marks. Therefore, the minimum passing mark for cracking the exam is 75%.
This AML Certification in Saudi Arabia is different from the other certifications as it would insist one explore the AML functions also the legislative overview that is global as well as the EU having the AML framework. Hence, the major outcome that the aspirants will get by doing this certification program is that they would get an understanding of the AML, and compliance skills.
Cost of AML Certification in Saudi Arabia
The professional aspirants are in search of doing something unique related to AML, compliance domain globally. They want to explore different types of global certifications which would add value to their knowledge. Experienced AML professionals developed CAMP AML Certification in Saudi Arabia. Hence, the cost of the Certified Anti-Money Laundering Professional program the AML Certification in Saudi Arabia is MUR 13500 for an individual to complete the program.
Prep Course for the AML Certification in Saudi Arabia
In addition to the Certified AML Professional program, Regtechtimes Academy also offers the ACAMS Prep Course for the aspirants looking to take up the CAMS certification from ACAMS, USA. This course is a set of 6 simulated exams which would help the Algerian aspirants to pass their CAMS exams successfully. We offer a very cost-effective model for the CAMS Prep course and accept the payments in local currency.
Trade-Based Money Laundering Certification
Trade-based money laundering is also increasing in Saudi Arabia. International Trade involves multiple parties and jurisdictions. By doing the Trade-Based Money Laundering certification program the aspirants would be able to understand the techniques used by money launderers to manipulate the trade transaction that is taking place. Globally this certification is valid. Hence, this certification emphasizes on to get in-depth knowledge of trade finance.
Additionally, trade Based Money Laundering course will help one to understand the trade finance concept, how to identify early warning signs of suspicious trade transactions, and different types of methods used to launder money. This certification program is a video learning-based course. Hence, a Certified TBML expert is an important tool for financial institutions to combat TBML.
