Article 6 of the Saudi Anti-Money Laundering Law
المادة 6 من نظام مكافحة غسل الأموال · الفصل الثالث: التدابير الوقائية
The article prohibits financial institutions from opening or keeping numbered, anonymous or fictitious-name accounts.
Official text (Arabic)
This article has not been amended since the law was issued.
لا يجوز للمؤسسات المالية أن تفتح أو تحتفظ بحسابات مرقّمة أو مجهولة الاسم أو باسم وهمي.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 6 explained in plain English
This article sets an express and absolute prohibition on financial institutions: they may not open or keep any of the following accounts:
- Numbered accounts: identified by a number instead of the account holder's name.
- Anonymous accounts: whose holder is not known.
- Accounts in fictitious names: opened in a name that is not real.
The aim of this prohibition is that every account has a known holder, because hiding the identity of an account holder is one of the easiest ways to hide the source and movement of funds, which are acts criminalized by Article 2. The prohibition also paves the way for applying the due diligence measures required by Article 7, which under the definition in Article 1 is the process of identifying and verifying the information of the customer or beneficial owner.
The text covers opening and keeping together; the obligation is not limited to not opening new accounts of this kind, but extends to not leaving any existing account of this description in place.
The text addresses financial institutions specifically, and does not mention designated non-financial businesses and professions. The sanctions for violation are dealt with by other articles of the law concerning the powers of the supervisory authorities. Institutions that need to assess the status of particular accounts can consult a lawyer who specializes in banking and finance.
Practical example
A customer asked a bank to open an account identified only by a number, without his name appearing, citing privacy. The bank may not accept this, because the article prevents financial institutions from opening or keeping numbered or anonymous accounts.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 6 of the Saudi Anti-Money Laundering Law
Can a bank account be opened in Saudi Arabia without disclosing the name?
No. The article prohibits financial institutions from opening numbered, anonymous or fictitious-name accounts.
Does the prohibition also cover old accounts?
Yes. The text prohibits both opening and keeping, so a financial institution may not keep an account of these kinds.
More articles on Risk Assessment and Due Diligence
- Article 5
The article requires financial institutions and designated non-financial businesses and professions to identify, assess, document and continually update their money laundering risks, and to provide reports on them on request.
على المؤسسات المالية، والأعمال والمهن غير المالية المحددة؛ تحديد مخاطر احتمال وقوع غسل الأموال لديها وتقييمها وتوثيقها وتحديثها بشكل مستمر، من خلال الجوانب المت
- Article 7
The article requires financial institutions and designated non-financial businesses and professions to apply due diligence measures to customers according to risk level, with enhanced measures when risk is high.
على المؤسسات المالية، والأعمال والمهن غير المالية المحددة؛ القيام بالآتي: 1- أن تطبق على عملائها تدابير العناية الواجبة. وتحدد اللائحة الحالات التي تطبق فيها هذ
- Article 8
The article requires financial institutions and designated non-financial businesses and professions to determine whether a customer or beneficial owner holds senior public functions, and to apply additional measures to them.
على المؤسسات المالية، والأعمال والمهن غير المالية المحددة؛ استخدام أدوات مناسبة لتحديد ما إذا كان العميل أو المستفيد الحقيقي مكلفاً -أو أصبح مكلفاً- بمهمات عامة
- Article 11
The article requires enhanced due diligence for business relationships and transactions with persons from high-risk countries, and application of the measures set by the Standing Committee for Anti-Money Laundering.
1- على المؤسسات المالية، والأعمال والمهن غير المالية المحددة؛ تطبيق تدابير العناية الواجبة المشددة المتناسبة مع المخاطر التي قد تنشأ من علاقات عمل ومعاملات مع ش
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.