Article 10 of the Saudi Anti-Money Laundering Law

This article regulates wire transfers, which under the definition in Article 1 are a transaction carried out by a financial institution on behalf of an originator to make a sum available to a beneficiary at another financial institution, even if the originator and beneficiary are the same person.

The article imposes three obligations:

1. Obtaining and keeping information: Institutions that carry on this activity must obtain the information relating to the originator and the beneficiary, and keep it with the transfer orders or related messages throughout the payment chain. If they cannot obtain this information, the transfer must not be executed.
2. Recording and retention: Institutions must record all information relating to the originator and the beneficial owner, and keep the records, documents and data in accordance with Article 12. That article requires keeping transaction records for no less than ten years from the end of the transaction or the closing of the account, and requires them to be sufficient to trace transactions and available to the competent authorities on request, urgently.
3. Additional measures: Complying with any additional measure that the Implementing Regulations provide for wire transfers.

In practice this text explains why banks and remittance companies ask for the sender's and beneficiary's details before sending a transfer, and why a transfer is refused if the details are incomplete. The article does not state in detail the type of information required. Anyone who faces a problem with a particular transfer can consult a lawyer who specializes in banking and finance.