On Wednesday 20/01/2021 AD, the Central Saudi Bank (SAMA) signed a Memorandum of Cooperation with the Ministry of Human Resources and Social Development in the field of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). This comes as a step towards supporting the realization of AML/CTF strategic goals and its implementation framework, issued by Ministerial Decree No (42) on 15/01/1440 H.

The memorandum was signed by H.E. Dr. Fahad Ibrahim Al Shathri, Deputy Governor for Supervision at the Saudi Central Bank, and Mr.  Ahmed Bin Saleh Bin Majed, Undersecretary of the Ministry of Human Resources and Social Development.

            The aim of this memorandum is to enhance coordination and cooperation between the two entities, develop and improve their AML/CTF mechanisms and systems, and promote the financial services offered to non-profit organizations regulated by the Ministry of Human Resources. Another objective that the memorandum aims to achieve is to facilitate exchange of information,supervision and monitoring experience, cooperate in the development of AML/CTF procedures and activities, and coordinate efforts to enable the non-profit sector to gather and diversify its resources and mobilize them in alignment with financial system soundness. Finally, the memorandum also tackles the cooperation in the training, development and capacity building of human resources in the fields shared between the Central Bank and the Ministry of Human Resources and Social Development, and the parties that fall under their supervision.