Rules for the Implementation of Targeted Financial Sanctions

The Financial Institution shall provide adequate human and technical resources to the administrative unit responsible for processing and reviewing alerts and monitoring cases of circumvention or evasion of Targeted Financial Sanctions, taking into account the nature of its activities, the volume of its operations, and its level of risk exposure. It shall document and review the adequacy of human and technical resources on an annual basis. The review shall include findings and proposed recommendations. 5.12 The Financial Institution shall submit periodic reports to the Board of Directors or senior management, as the case may be, including the number of alerts by classification, the number of alerts closed by classification, the number of open alerts by classification, freezing measures, and timetables for updating Sanctions Lists. Chapter Six: Freezing and Unfreezing Procedures 6.1 The Financial Institution shall, without delay and without prior notice, freeze any funds associated with, owned, controlled, managed, or held, in whole or in part, directly or indirectly, by a listed person, provided that the freezing shall also extend to funds of any person working for, under the direction of, or acting on behalf of the listed person, or owned or controlled by the listed person. 6.2 A Financial Institution shall refrain from making available, directly or indirectly, any funds, or any form of financial or other services, directly or indirectly, to any listed person, or to any person working for, under the direction of, or acting on behalf of any listed person, or to any person owned or controlled, directly or indirectly, by a listed person. 6.3 The Financial Institution must take into account that the freezing order extends to funds owned or controlled by it, in whole or in part, directly or indirectly, by the listed person. The freezing order shall include, for example, companies, directly or indirectly, controlled by the listed person without being formally owned by them, joint bank accounts, trust funds, companies owned or controlled by the listed person through minor children or spouses, shell or front companies used by the listed person, joint ventures in which the listed person participates, or companies with complex or opaque ownership structures designed to conceal control or ownership by a listed person. 6.4 The Financial Institution shall comply with the freezing measures covering all funds owned, controlled, or held jointly by a listed person and a non-listed person, including the portion owned or controlled by the non-listed person. and may only be disposed of after consulting SAMA, which will notify the competent authorities to consider the matter, with each case being addressed individually. 6.5 The Financial Institution shall comply with the obligations associated with the freezing measures covering any funds obtained or generated from frozen funds. 6.6 The Financial Institution must include in the freezing measures any entities not explicitly named, if they are owned or controlled, individually or collectively, by a listed person, or if a listed person exercises effective control over their management or operations, directly or indirectly. 6.7 If a Financial Institution discovers funds related to listed persons that are not under its management, possession, or disposal, it shall notify SAMA, in writing, of the details of those funds and of any transactions it has conducted with a former or occasional customer who turns out to be a listed person. 6.8 The Financial Institution may allow any payments, interest, or other earnings due on those accounts based on contracts, agreements, or obligations that arose prior to the date of the freezing of the accounts, in addition to any funds from inheritance or compensation provided for the benefit of the listed person; provided that they remain subject to the freezing measures and that SAMA is notified in writing.