Anti-Money Laundering Law

Without prejudice to any stricter sanctions and subject to the procedures provided for in other laws, if the supervisory authority find that FIs, DNFBPs, and NPOs or any of their directors, board members, executive or supervisory management members failed to comply with any provision of this Law, its Implementing Regulation or relevant decisions or circulars, or any violation referred from other competent authority, the supervisory authority may impose one or more of the following measures: 1. Issue a written warning; 2. Issue an order to comply with a specific instruction; 3. Issue an order to provide regular reports on the measures taken to address the identified violation; 4. Impose a monetary fine of up to 5.000.000 riyals per violation; 5. Ban individuals from employment within the sectors for which the supervisory authority has competences for a period to be determined by the supervisory authority; 6. Restrict the powers of directors, board members, executive or supervisory management members, and controlling owners, including appointing one or more temporary controllers; 7. Dismiss or replace the directors, members of the Board of Directors or of executive or supervisory management; 8. Suspend, restrict or prohibit the continuation of the activity, business or profession or of certain business activities or products; 9. Suspend, restrict or revoke the license; The supervisory authority should inform the General Director of Financial Intelligence about the actions taken or imposed sanction. VII. Sanctions