His Excellency the Governor of the Saudi Central Bank (SAMA), Dr. Ahmed bin Abdul Karim Al-Kholifey, Chairman of the Permanent Committee to Combat Money Laundering, inaugurated the "Twelfth Annual Forum for Compliance and Anti-Money Laundering", which was organized by the Permanent Committee to Combat Money Laundering remotely in cooperation with "Refinitiv" on Rabi` Al-Akhir 17th

1442H corresponding to December 2, 2020 AD.

                At the beginning of the forum, His Excellency the Governor, Chairman of the Permanent Committee to Combat Money Laundering, referred during his opening speech to the emerging and new risks and threats to the financial sector as a result of the effects of the Corona pandemic, which called on countries to take prompt and decisive measures to address them. The risks and threats facing the financial sector are represented in the countries of the world; The increase in financial fraud, the increase in cybersecurity crimes, and the exploitation of the pandemic period to conduct fake financial donation campaigns for those affected by the Corona pandemic, in addition to cases of corruption that are discovered when government support is used to mitigate the effects of the pandemic.

                His Excellency reviewed the measures and procedures undertaken by the competent authorities in the Kingdom to manage emerging risks and threats, taking advantage of the international standards related to combating money laundering and financing of terrorism established by the Financial Action Task Force (FATF), by setting appropriate policies, and encouraging financial institutions to continue providing services and utilizing available tools for the management of risks.

                The governor also explained that the circumstances of the Corona pandemic demonstrated the need to enhance customers 'awareness of the risks of electronic transactions, and the importance of protecting customers' financial data; as result of the development of methods and methods of committing crimes. He called for enhancing adherence to international standards issued by the FATF Group in order to protect and enhance the transparency of financial transactions, referring at the same time to the statement of the G20 summit in this regard.

His Excellency praised the interest and keenness of financial institutions in the Kingdom to implement the best standards of compliance to laws and legislations that help protect them from exploitation and preserve their reputation, and the high level of awareness and understanding reached by workers in the financial sector.

                The forum was attended by more than (400) participants from representatives and officials of compliance departments and anti-money laundering departments in financial institutions operating in the Kingdom, in addition to representatives of the concerned authorities and members of the Permanent Committee to Combat Money Laundering and the concerned departments in the Central Bank of Saudi Arabia. The aim of this forum, which was held for a day, was to enhance awareness and commitment in the field of combating money laundering in light of the Coronavirus pandemic, and to review the most prominent opportunities and risks associated with digital transactions, best practices and international experiences applied to face the implications of the spread of this pandemic, and other related topics; In order to enhance the level of commitment and risk management in combating money laundering among workers in the concerned authorities and financial institutions to face the growing challenges and threats and reduce the size of their risks.