Section 7: Monitoring of Transactions and Activities

The financial institution shall develop indicators and typologies commensurate with the nature and risks of its business that point to the suspicion of ML/TF transactions, taking into account the diversity and development of ML/TF methods. Moreover, the financial institution shall constantly update these indicators as required and according to development and diversity of the methods used for ML/TF. It shall also observe the instructions issued by SAMA, the PCCML, or the PCCT and those issued by other local or international bodies, such as the FATF. 7.10 The financial institution’s key positions/posts that might be targeted for ML/TF purposes shall be identified. The financial institution shall closely monitor those holding these positions and ensure that they consistently implement AML/CTF policies and procedures.