"Commerce" publishes a Guidance Guide for Precious Metals and Gemstones Traders

“التجارة” تنشر دليلًا إرشاديًا لتجار المعادن الثمينة والأحجار الكريمة

The Ministry of Commerce has published a guidance guide aimed at raising compliance levels among precious metals and gemstones traders in Saudi Arabia with respect to targeted financial sanctions related to counter-terrorism, terrorism financing, and weapons proliferation financing. The guide provides directions on how to implement these obligations effectively, with a focus on proportionate compliance, a risk-based approach, and regulatory expectations. Key obligations outlined include continuously screening national and international sanctions lists, freezing funds or assets linked to listed names, prohibiting services to sanctioned entities or individuals, and immediately reporting any matches or suspicious cases to competent authorities. The guide also emphasizes strict confidentiality in freeze procedures, record retention for no less than ten years, and strengthening internal controls and staff training to ensure effective and sustained compliance.

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