The responsibility of banks to contribute to the crime of money laundering according to Saudi regulations.

Due to the devastating effects resulting from acts of terrorism, smuggling and trafficking of prohibited substances, antiquities, drugs, weapons, and humans, many countries, including the Kingdom of Saudi Arabia, have become aware of the need to combat money laundering derived from these crimes. It initiated the issuance of the Anti-Money Laundering Law No. (M/39) dated 25/6/1424 AH corresponding to 24/8/2003 AD and its executive regulations, along with the Banking Supervision Law No. (M5) dated 22/2/1336 AH; and the Commercial Concealment Law No. (M/49) dated 16/10/1409 AH; in addition to numerous relevant ministerial decisions and directives. The Ministry of Commerce has also established an independent unit to combat money laundering; similarly, a unified agency has been created within the Saudi Central Bank to combat money laundering and communicate with relevant authorities both locally and internationally under the name of the Financial Intelligence Unit. All these governmental efforts were in accordance with the provisions of Article (14/1) of the United Nations Convention against Corruption of 2003. It was decided that each state party to the agreement must: establish a comprehensive internal system for the control and supervision of banks and non-banking financial institutions, including natural or legal persons that provide legal or illegal services in the area of money transfer or anything of value, and where appropriate, other entities particularly exposed to money laundering within its jurisdiction in order to deter and detect all forms of money laundering. This system should emphasize the specific requirements for identifying customers and beneficial owners, where applicable, retaining records, and reporting suspicious transactions.