The Authority Issues the Guidance Guide on Beneficial Owner Identification to Enhance Compliance with Anti-Money Laundering Requirements
الهيئة تصدر الدليل الإرشادي لمعرفة المستفيد الحقيقي لتعزيز الالتزام بمتطلبات مكافحة غسل الأموال
The Saudi Organization for Chartered and Professional Accountants has issued a Guidance Guide on Beneficial Owner Identification to support compliance with anti-money laundering, terrorism financing, and weapons proliferation financing requirements, in line with Saudi regulations and relevant international standards. The guide targets licensed practitioners in accounting and auditing, covering core concepts of beneficial ownership, mechanisms for identification and identity verification, the distinction between legal and beneficial owners, direct and indirect ownership, and ultimate effective control under a risk-based approach. It includes practical guidance and illustrative examples on complex ownership structures across companies, civil associations, and legal arrangements, as well as requirements for ongoing monitoring to keep beneficial owner information current and accurate.
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