Article 65 of the Saudi Counter-Terrorism Crimes and Financing Law
المادة 65 من نظام مكافحة جرائم الإرهاب وتمويله · الفصل السادس: التدابير
Article 65 requires financial institutions and designated non-financial businesses and professions to keep all transaction records for at least 10 years and allows the Public Prosecution to require extending that period.
Official text (Arabic)
This article has not been amended since the law was issued.
1- على المؤسسات المالية، والأعمال والمهن غير المالية المحددة؛ الاحتفاظ بجميع السجلات والمستندات والوثائق والبيانات بما فيها مستندات تدابير العناية الواجبة، لجميع التعاملات المالية والصفقات التجارية والنقدية, سواء أكانت محلية أم خارجية، وذلك لمدة لا تقل عن عشر سنوات من تاريخ انتهاء العملية أو قفل الحساب.
2- للنيابة العامة -في الحالات التي تراها- إلزام المؤسسات المالية، والأعمال والمهن غير المالية المحددة؛ بتمديد مدة الاحتفاظ بالسجلات والمستندات والوثائق والبيانات إلى الحدّ الضروري لأغراض التحقيق الجنائي أو الادعاء.
3- يجب أن تكون السجلات والمستندات المُحتفظ بها كافية للسماح بتحليل البيانات وتتبع التعاملات المالية، ويجب أن يتم الاحتفاظ بها لتكون متاحة للجهات المختصة عند الطلب.
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 65 explained in plain English
This article regulates record keeping by financial institutions and designated non-financial businesses and professions, and contains three provisions:
- What is kept and for how long: all records, documents and data, including due diligence documents, for all financial dealings and commercial and cash transactions, domestic or foreign, for a period of no less than 10 years from the date the operation ends or the account is closed.
- Extension by order of the Public Prosecution: the Public Prosecution may, in the cases it sees fit, require these entities to extend the retention period to the extent necessary for the purposes of criminal investigation or prosecution.
- Quality and availability of records: they must be sufficient to allow data analysis and tracing of financial dealings, and must be kept so as to be available to the competent authorities upon request.
Note that the 10 years is a minimum, not a maximum, and that it starts not from the date of opening the account but from the date the operation ends or the account is closed.
The article is linked to Article 64 because the due diligence documents that article imposes are among the records that must be kept.
To learn the effect of this obligation on a particular business, one may consult a lawyer who specializes in banking compliance and combating terrorist financing.
Practical example
Sarah closed her bank account in a certain year. The bank remains required to keep her account records and verification documents for at least 10 years from the date the account was closed, and if the Public Prosecution asks to extend the period for investigation purposes, the bank must comply.
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 65 of the Saudi Counter-Terrorism Crimes and Financing Law
How long does a bank keep records after an account is closed?
No less than 10 years from the date the operation ends or the account is closed.
Can the record retention period be extended?
Yes. The Public Prosecution may, in the cases it sees fit, require the entity to extend it to the extent necessary for the purposes of criminal investigation or prosecution.
Does keeping records cover foreign transactions?
Yes. It covers financial dealings and commercial and cash transactions, whether domestic or foreign.
More articles on Duties of Financial Institutions and Reporting
- Article 6
Article 6 lets the Public Prosecution, and the Presidency of State Security at the evidence-gathering stage, request records and information from any person or institution, and requires fast, accurate execution and confidentiality.
1- للنيابة العامة -من تلقاء نفسها أو بناءً على طلب رجل الضبط الـجنائي- أن تطلب من أي شخص أو من المؤسسات المالية، أو الأعمال والمهن غير المالية المحددة، أو المنظ
- Article 63
Article 63 requires financial institutions, designated non-financial businesses and professions, and non-profit organizations to identify, assess, document and continuously update their terrorist financing risks.
على المؤسسات المالية، والأعمال والمهن غير المالية المحددة، والمنظمات غير الهادفة إلى الربح؛ تحديد و فهم مخاطر تمويل الإرهاب لديها وتقييمها وتوثيقها وتحديثها بشك
- Article 64
Article 64 requires financial institutions and designated non-financial businesses and professions to apply due diligence measures according to the risk level, tighten them when risk is high, and leaves the details to the Regulations.
على المؤسسات المالية، والأعمال والمهن غير المالية المحددة؛ اتخاذ تدابير العناية الواجبة، وتحديد نطاقها على أساس مستوى مخاطر تمويل الإرهاب المرتبطة بالعملاء وعلا
- Article 66
Article 66 requires applying enhanced due diligence to dealings with persons from or residing in high-risk countries, and applying the risk-mitigation measures set by the supervisory authorities.
على المؤسسات المالية، والأعمال والمهن غير المالية المحددة؛ تطبيق تدابير العناية الواجبة المشددة على علاقات العمل والمعاملات مع أي شخص يأتي من بلد أو يقيم فيه تم
- Article 67
Article 67 requires financial institutions, designated non-financial businesses and professions, and non-profit organizations to set and effectively implement policies, procedures and controls to combat terrorist financing, with their content left to the Regulations.
على المؤسسات المالية، والأعمال والمهن غير المالية المحددة، والمنظمات غير الهادفة إلى الربح وضع السياسات والإجراءات والضوابط وتنفيذها بفعالية لمكافحة تمويل الإره
- Article 68
Article 68 requires financial institutions to mitigate the risks of correspondent relationships with other financial institutions and to apply the Anti-Money Laundering Law's requirements to wire transfers.
1- على المؤسسات المالية اتخاذ التدابير المناسبة للتخفيف من المخاطر الناتجة عن الدخول في علاقة مراسلة مع مؤسسات مالية أخرى، والمحددة في نظام مكافحة غسل الأموال.
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.