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The presentation also detailed the procedures, controls and systems adopted by commercial banks to detect movement of money from suspicious sources and the methods adopted by money launderers to carry out such operations.
Mr. Al-Obaid commented:
"SABB's involvement in the seminar underlines the Bank's commitment to the community and its extensive efforts to fight financial crime, which is adversely affecting national and global economies."
SABB contribution included counseling the judges on the responsibilities and duties of commercial banks and staff as provided for in the Anti-Money Laundering Act, dated 25-6-1424-H, and the general revised rules formulated by SAMA - in December 2008 - to combat money laundering and terrorism financing.
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Posted by Rima Ali Al Mashni
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