AML Policy And Procedure In Saudi Arabia
AML (Anti-Money Laundering) policy and procedure in Saudi Arabia is a legal requirement for businesses operating in sectors prone to financial transactions, including finance, real estate, legal, audit, and consultancy. It involves implementing internal controls to detect, report, and prevent illegal financial activities. MFD Services helps businesses develop customized AML policies, implement required procedures, and maintain compliance with regulations issued by the Saudi Central Bank and other authorities.
Why AML Compliance Matters In Saudi Arabia With MFD Services
Saudi Arabia enforces strict AML laws as part of its commitment to FATF guidelines and Vision 2030 reforms. Businesses that deal with client funds, assets, or transactions are required to establish clear AML frameworks. Failure to do so can lead to regulatory penalties, license revocation, or reputational damage.
MFD Services assists companies in designing, documenting, and applying AML procedures based on their risk level and operational nature. Whether your business needs a full AML policy or updates to an existing one, our team ensures compliance without disrupting daily operations.
Types Of Businesses That Require AML Policies In Saudi Arabia
AML obligations apply to several regulated sectors under Saudi law, including:
- Financial institutions and money exchangers
- Real estate brokers and developers
- Accountants and audit firms
- Law firms and legal consultants
- Precious metals and gemstone traders
- Company service providers (e.g. formation agents)
MFD reviews your business type and confirms whether AML policies are mandatory — then customizes a compliance plan accordingly.
What Are The Legal Requirements For AML Compliance In Saudi Arabia?
Businesses falling under AML scope must maintain a written AML policy, risk-based procedures, employee training logs, and suspicious transaction reporting mechanisms. They must also appoint a compliance officer and keep records of all high-risk dealings.
MFD Services prepares all documents required for legal compliance, aligns internal policies with regulator expectations, and provides advisory on managing customer due diligence (CDD), enhanced due diligence (EDD), and ongoing monitoring.
What Documents Are Required To Implement AML In KSA?
To establish or renew AML compliance, the following documentation is generally required:
- Written AML Policy and Risk Assessment
- Customer Due Diligence (CDD) Procedures
- Suspicious Transaction Reporting (STR) Process
- Compliance Officer Appointment Letter
- Staff AML Training Records
- Internal AML Audit Templates
- Business Activity Profile and Client Risk Matrix
MFD prepares and delivers all these documents based on your business profile and sector requirements.
AML Policy Cost, Duration, And Process
Estimated Pricing
AML policy drafting and implementation costs depend on your business size and risk category. Pricing typically ranges from SAR 4,000 to SAR 10,000. Higher charges may apply for multi-branch companies or firms requiring Arabic and English documentation. MFD confirms pricing after reviewing your activity and internal systems.
Estimated Timeline
Most AML policies and procedures can be completed within 7 to 15 business days. Timelines depend on the complexity of your operation and responsiveness to document requests. Delays happen when companies lack prior internal controls or clear ownership records.
How The Process Works
We begin by assessing your business activity and client profile. Our team then drafts an AML policy, builds all required registers, and aligns the policy with local AML regulations. After internal review, we provide final documentation and help file or register with the relevant authority where applicable.
Contact Us
Book an Appointment with Us
Schedule a consultation with MFD Business Solutions today and discover how our expert Actuarial Valuation and financial consulting services can enhance the accuracy and reliability of your financial records.
How AML Policies Link With Other Legal Obligations In Saudi Arabia
AML compliance connects directly with UBO declarations, ESR filings, and due diligence processes in licensing and tax. A weak AML framework can raise concerns during audits or bank onboarding.
MFD Services ensures your AML compliance is not treated in isolation — we integrate it into your overall legal and operational structure to keep everything aligned.
What Challenges Do Businesses Face With AML Implementation In Saudi Arabia?
Companies often struggle with:
- Writing a policy that matches regulator expectations
- Defining client risk categories or risk matrices
- Training staff on AML responsibilities
- Setting up internal controls for transaction monitoring
- Managing documentation in both English and Arabic
How MFD Services Solves AML Compliance Problems
MFD Services delivers fully compliant AML documentation, custom-built for your business. We go beyond templates — we apply actual regulatory requirements to your operations.
- Sector-specific AML risk assessments
- Custom CDD, EDD, and STR procedures
- Internal control checklists and audit planning
- Templates for compliance reporting and logs
- Ongoing AML advisory and annual update support
Why Choose MFD For AML Policy And Procedure In Saudi Arabia?
MFD Services is trusted by regulated entities across Saudi Arabia for AML policy development and implementation. Our team works closely with industry-specific guidelines, so you don’t face unnecessary corrections, rejections, or delays. We make sure your AML file is complete, accurate, and audit-ready.
Ready To Set Up AML Compliance In Saudi Arabia?
If your business falls under AML regulations, MFD Services will handle everything — policy drafting, risk classification, internal controls, and recordkeeping. Get your AML policy implemented the right way and stay ahead of inspections and regulatory demands.
FAQ's
AML laws are fundamental in safeguarding the integrity of Saudi Arabia’s economic system. Compliance aligns with global standards, fortifying transparency and contributing to international efforts against transnational financial crimes.
The legal guidelines apply to various entities, including financial institutions, banks, insurance companies, and investment firms within Saudi Arabia. These entities must adhere to strict customer due diligence measures and transaction monitoring mechanisms.
Key requirements include executing Customer Due Diligence (CDD), maintaining thorough records, promptly reporting suspicious transactions, establishing internal controls, and implementing Enhanced Due Diligence (EDD) for higher-risk clients.
MFD utilizes advanced data analysis, employing sophisticated algorithms and machine learning to identify potential money laundering activities. They offer Know Your Customer (KYC) services, automate the KYC process, and provide robust transaction monitoring capabilities to ensure prompt identification and reporting of suspicious transactions.