JEDDAH, 9 October 2005 — The Saudi British Bank (SABB) took part in the 12th training course to honor the judges of the Ministry of Justice and the Bureau of Grievances about money laundering, terrorism financing and economic crimes.
SABB’s participation in the course, organized by the Saudi Arabian Monetary Agency (SAMA), underlines its commitment to the community and its extensive efforts to fight money-laundering crime, which adversely affects national and global economies.
Mohammed ibn Ibrahim Al-Obaid and Ahmed ibn Nasser Al-Otaibi, both from the compliance department, represented the SABB. A comprehensive presentation about money laundering in the Kingdom was given to the judges to acquaint them with specialized scientific knowledge on money laundering and terrorism financing activities as well as on combating economic crimes. The judges were advised of the most important systems, instructions and practices to develop their skills in this field on the national and global levels.
The judges were acquainted with the procedures, controls and systems adopted by commercial banks to uncover laundering of money realized from illegal sources as followed by money launderers to this effect.
SABB advised the judges of the roles and duties of commercial banks and their staff as provided for in the money laundering control rules that have been put into effect and the rules for control of money laundering and combating terrorism financing issued by SAMA in 2003.
