Rules for the Implementation of Targeted Financial Sanctions

Confidentiality requirements apply to all information and procedures related to the implementation of the rules, in particular those related to screening procedures and controls, list management, handling and escalation of alerts, freezing measures, and lifting of freezing measures. It is prohibited to disclose any information relating to these persons or their frozen funds to any party, internal or external, unless this is in accordance with regulatory requirements and is in compliance with the provisions of the rules. 9.3 The Financial Institution shall establish strict controls to maintain the confidentiality of information, including the use of secure means of communication through specific persons, and shall ensure that its employees are aware of their responsibility not to disclose any information. 9.4 The Financial Institution shall establish strict controls to maintain the confidentiality of information, including the use of secure means of communication through specific persons, and shall ensure that its employees are aware of their responsibility not to disclose any information. 9.5 The Financial Institution shall take all measures necessary to ensure its full compliance with the provisions of the rules. SAMA shall monitor full compliance with the provisions of the rules through its supervisory and regulatory procedures. The penalties provided under the relevant regulations shall be applied in the event of any negligence, failure, or non-compliance by the Financial Institution with the provisions of the rules. 9.6 The Financial Institution shall monitor the website of the Permanent Counter Terrorism Committee, under the Presidency of State Security ( pctc.pss.gov.sa ), to obtain information and updates on the mechanisms for implementing relevant United Nations Security Council Resolutions, Sanctions Lists, and reports of interest to broaden mutual understanding. 9.7 The Financial Institution shall monitor the website of the Permanent Committee for the Implementation of the United Nations Security Council Resolutions under Chapter Seven at the Ministry of Foreign Affairs ( securitycouncil.mofa.gov.sa ) for information and updates, including the mechanism for implementing relevant United Nations Security Council Resolutions, Sanctions Lists, necessary measures and procedures, as well as reports and publications of interest to broaden mutual understanding. 9.8 The rules cover the minimum requirements that Financial Institutions shall comply with, without prejudice to the instructions issued by SAMA and the provisions of other relevant regulations, rules, and instructions. 9.9 The rules shall enter into force from the date of their publication on SAMA's website.