Section 8: Reporting of Suspicious Transactions

The financial institution shall submit suspicious transaction reports according to the reporting mechanism and form approved by the SAFIU, on the condition that the SAFIU is provided with an additional detailed report that includes all data and information available to the financial institution on that transaction and the parties involved. 8.9 The financial institution shall submit a technical report on the reported cases to the SAFIU. The report shall include the following: a) The account statement or transactions carried out under the contract for a period of six months. b) Documents obtained to apply due diligence measures. c) A technical report examining the account or contract subject of suspicion. 8.10 If a decision not to inform the SAFIU of an internal report is made, the officer responsible for reporting suspicious transactions shall document this including the reasons for not reporting in a detailed and sufficient manner, taking into account the levels of approval and review mentioned under Paragraph (8.1/d) . 8.11 The financial institution shall keep records of all suspicious transaction reports submitted, including a copy of reports submitted to the SAFIU and internal reports on cases that were under investigation and were not reported due to the lack of sufficient grounds for suspicion. Investigation documents and reports shall be kept independently without prejudice to the requirements of confidentiality of investigations and reports, and the persons authorized to access these records shall be specified. 8.12 The financial institution shall examine and review suspicion cases, internal reports, and feedback received from the SAFIU and take them into account when developing/updating the indicators and typologies of ML/TF mentioned in Paragraph (7.9) in the Monitoring of Transactions and Activities Section . 8.13 The financial institution should educate and raise the awareness of all its employees, including the members of the board of directors and senior management, regarding the following: a) The requirements related to identifying and reporting the suspicious activity or transaction. b) The regulatory requirements concerning civil and criminal liability and other liabilities related to violations of required confidentiality obligations. c) The regulatory requirements related to reporting and not alerting customers or disclosing any suspicious transaction incidents, reports or information. 8.14 The financial institution shall notify SAMA immediately of any accounts, business relationships, or financial transactions involving the names included in the lists of the UN Security Council committees, Committee 2253/1989/1267 and Committee 1988, as well as the names included in the national list in implementation of the Security Council Resolution No. (1373) according to the data available in the lists. For optimal implementation, the financial institution shall adhere to the provisions of SAMA’s relevant circulars, including: a) The Guide on the Implementation of Security Council resolutions relevant to combating terrorism and its financing . b) The Guide on the Implementation of Security Council resolutions relevant to proliferation of weapons of mass destruction and financing . 8.15 The financial institution shall put in place an effective and comprehensive mechanism and consider the suitability of technological systems for continuous comparison with the names included in the sanctions list in Paragraph (8.14) under the Reporting of Suspicious Transactions Section.