Obligations of the Entities Subject to the Provisions of the Law

Obligations of the Entities Subject to the Provisions of the Law:-

• Give due diligence to the identification of the customers entity, legal status, activity of the customer, purpose of the business relationship and its nature, and the beneficiary owner of the relationship between the entities and the customer, if any, and verifying such, as well as the continuous follow up of the transactions that are conducted through an ongoing relationship with their customers by any of the means determined in accordance with the relevant legislation together with recording and maintaining the relevant data pursuant to the provisions of Item (6) of this Paragraph.
• Refrain from dealing with anonymous persons, persons with fictitious or anonymous names or shell banks or companies.
• Notify the Unit immediately of any transaction suspected to be related to money laundering or terrorist financing whether such transaction is conducted or not, by the means or the form approved by the Unit, and maintain a copy of the notification, documents, legal instruments, data, and information related thereto for a period of not less than five years or until a final judicial verdict is issued regarding such transaction, whichever is longer.
• Comply with the regulations, instructions and decisions issued by the Unit or the competent supervisory and regulatory authorities.
• Pay special attention to the high risk customers' categories, business relationships or transactions and set the relevant measures including:-

1. First:Risk management systems for money laundering and terrorist financing to include the classification of customers into categories according to the degree of risk while developing the required measures to appropriately deal with such risks, and review such classification periodically or in the event of changes that require conducting such review. 
2. Second:Policies and measures for preventing the exploitation of new technologies in money laundering and terrorist financing.

• Keep records and legal instruments to document the local and international financial transactions to include sufficient data to identify such transactions; as well as maintaining such records, documents, legal instruments, data and information including customer’s due diligence data and beneficiary owners for not less than five years from the date of completion of the transaction or the date of termination of the business relationship, as the case may be, which shall be updated periodically.
• Keep records and legal instruments to document the local and international financial transactions to include sufficient data to identify such transactions; as well as maintaining such records, documents, legal instruments, data and information including customer’s due diligence data and beneficiary owners for not less than five years from the date of completion of the transaction or the date of termination of the business relationship, as the case may be, which shall be updated periodically.

External branches of the entities mentioned in Article (13) of this law and its affiliates outside the Kingdom shall comply with the provisions of this Article excluding Item (3) of Paragraph (a) thereof.