Article 69 of the Saudi Counter-Terrorism Crimes and Financing Law
المادة 69 من نظام مكافحة جرائم الإرهاب وتمويله · الفصل السادس: التدابير
Article 69 requires financial institutions and designated non-financial businesses and professions to continuously monitor their transactions, and to scrutinize complex, unusually large and unusual patterns of transactions with no clear purpose.
Official text (Arabic)
This article has not been amended since the law was issued.
على المؤسسات المالية والأعمال والمهن غير المالية المحددة مراقبة وفحص المعاملات والوثائق والبيانات التي تملكها بشكل مستمر، بحسب ما تضمنته الأحكام ذات الصلة في نظام مكافحة غسل الأموال، كما عليها التدقيق في جميع المعاملات المعقدة والكبيرة بشكل غير عادي وأي أنماط غير اعتيادية للمعاملات التي لا تتوفر لها أغراض اقتصادية أو مشروعية واضحة.
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 69 explained in plain English
This article imposes two obligations on financial institutions and designated non-financial businesses and professions:
- Continuous monitoring: monitoring and examining the transactions, documents and data they hold on an ongoing basis, in accordance with the relevant provisions of the Anti-Money Laundering Law.
- Special scrutiny: scrutinizing:
- All complex transactions.
- Transactions that are unusually large.
- Any unusual patterns of transactions that have no clear economic purpose or lawfulness.
Note that the article requires scrutiny of all complex and unusually large transactions, and that the description "that have no clear economic purpose or lawfulness" appears in the text after the unusual patterns.
It is followed by Article 70, which requires these entities, where there is suspicion or reasonable grounds for suspicion that funds are connected to terrorist financing, to notify the General Directorate of Financial Intelligence immediately.
To know what is required in a particular case, one may consult a lawyer who specializes in banking and finance.
Practical example
A personal account used only to receive a salary began receiving large, repeated cash deposits from different people that were immediately transferred abroad for no apparent reason. This is an unusual pattern with no clear purpose, so the bank must scrutinize it.
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 69 of the Saudi Counter-Terrorism Crimes and Financing Law
Which transactions must a bank scrutinize?
Complex and unusually large transactions and unusual patterns that have no clear economic purpose or lawfulness.
Is monitoring temporary or continuous?
The article requires monitoring and examining transactions, documents and data on an ongoing basis.
What is the relationship between this article and the Anti-Money Laundering Law?
Continuous monitoring is carried out in accordance with the relevant provisions of the Anti-Money Laundering Law.
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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.