Rules for the Implementation of Targeted Financial Sanctions

If the name of a listed person is removed from the Sanctions Lists by the Security Council Sanctions Committees, the Financial Institution shall, without delay and without prior notice, lift the freeze, unless a prior notice has been issued instructing otherwise due to classification under the United Nations Security Council Resolution No. (1373). As for names whose funds have been previously frozen, based on the directives of the competent authorities, they shall remain frozen until instructions are received from SAMA in this regard. 6.10 Upon lifting the freezing measures, the Financial Institution shall immediately notify SAMA, providing it with written information on the status, nature, and amount of the funds for which the freezing measures have been lifted, any measures taken in this regard, and any other information relevant to the decisions. Chapter Seven: Record Keeping 7.1 The Financial Institution shall keep comprehensive records of all internal policies, procedures, and internal controls adopted in relation to the implementation of its obligations under the rules and instructions related to Targeted Financial Sanctions. Such records shall include, at a minimum, the following: a. Guidance issued on Sanctions Lists and their updates. b. Any updates to Sanctions Lists and internal records. c. Alerts generated by screening systems and tools, and the results of their processing. d. Screening and review operations conducted based on specific events. e. Freezing measures, and the related correspondence and information. f. Procedures for lifting freezing measures, and the related correspondence and information. g. Reports submitted to SAMA and related information. h. Suspicious activity reports (SAR) submitted to the Saudi Financial Investigations Unit. i. Internal reports reviewing screening systems and tools, including internal or external auditor reports, and the results of the reports and adopted recommendations. j. Reports submitted to the Board of Directors, or its equivalent, and senior management regarding obligations related to the rules. k. A comprehensive statement of training and awareness activities provided to employees of the Financial Institution. 7.2 The Financial Institution shall keep records in a secure and organized manner, and they shall be readily retrievable upon request, clearly indexed by date, type of procedure, and relevant customer or transaction information and data. 7.3 The Financial Institution shall retain all records, documents, and data for a period of not less than ten (10) years from the date of completion of the transaction or procedure. Chapter Eight: Training and Awareness 8.1 The Financial Institution shall provide comprehensive risk-based training to all its employees involved in implementing the instructions contained in the rules, the provisions of the Law on Combatting the Financing of Terrorism , the Anti-Money Laundering Law , their implementing regulations, and the mechanisms for applying the relevant United Nations Security Council Resolutions issued by the competent authorities. The training shall be tailored to each category of employees, commensurate with their roles, tasks, and level of risk exposure, and shall be regularly updated to reflect regulatory developments, evolving practices, and operational challenges.