Rules for the Implementation of Targeted Financial Sanctions

The training programs provided by the Financial Institution shall include simulation exercises for the specialized employees in line with the nature of their daily work, taking into account the nature of the Institution’s activities, the scale of its operations, and its level of risk exposure. The training may include any of the following topics: a. An introduction to Targeted Financial Sanctions programs, their objectives, and their regulatory framework in the Kingdom. b. Guidance on distinguishing between key sanctions programs, including their legal implications. c. Case studies or practical scenarios highlighting applications of terrorist financing, proliferation financing, and sanctions evasion. d. Mechanisms for handling alerts generated by screening systems and tools, including escalation paths. e. How to analyze alerts from screening systems and tools, distinguish between false positives and true matches, and document the decision-making process. f. Guidance for enhancing the methodology of screening tools and systems at the Financial Institution. g. Procedures for implementing freezing measures on funds and the scope thereof. h. إuidance on the procedures for lifting freezing measures and the scope thereof. i. Prohibition on disclosing the results of alert processing and the importance of maintaining confidentiality during the review. j. Legal consequences of non-compliance with these rules. 8.3 The training and awareness provided to employees of the relevant administrative unit in the Financial Institution shall include in-person workshops conducted by trainers specializing in Targeted Financial Sanctions. Training for other relevant administrative units may be provided through e-learning modules. 8.4 The Financial Institution shall monitor the completion of the training, evaluate its effectiveness, and reinforce it with periodic refresher sessions, as needed. The Financial Institution shall also assess its employees' comprehension of the training material and their ability to apply it practically, which may be done through periodic tests, surveys, or simulation exercises. The results of the training evaluation shall be documented and submitted to senior management, and corrective actions shall be taken to enhance the training program based on those results. 8.5 Awareness programs for senior management and Board members, or their equivalents, at the Financial Institution should include focused and specific information on Targeted Financial Sanctions, ensuring their understanding of responsibilities in adopting policies, procedures, and internal controls, monitoring their implementation, and providing the necessary human and technical resources. 8.6 The Financial Institution should continuously monitor significant developments and updates in Targeted Financial Sanctions and ensure the dissemination of this information to relevant employees through regular training programs. Training and awareness programs shall also be updated accordingly to ensure that all employees remain informed of the latest developments and to strengthen the Financial Institution's ability to comply with all instructions contained in the rules. Chapter Nine: Final Provisions 9.1 The Financial Institution and all its employees shall ensure the confidentiality of information relating to listed persons, in accordance with the relevant regulations and instructions, including the Anti-Money Laundering Law , the Law on Combatting the Financing of Terrorism , and their implementing regulations, the Guidance of Anti-Money Laundering and Combatting Terrorist Financing issued by SAMA, the mechanisms for implementing Security Council Resolutions issued by the competent authorities, and the Personal Data Protection Law .