RIYADH, 4 April 2007 — The Saudi British Bank (SABB) has recently participated in the 17th training course organized by Saudi Arabian Monetary Agency (SAMA) to honor the judges of the Ministry of Justice and the Bureau of Grievances about money laundering, and financing economic crimes.
SABB participation in this course 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, senior manager at the Compliance Department and Adel ibn Yousef Al-Mehemeed, from Training and Development, represented SABB in this activity. 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 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, which has been put into effect and the rules for control of money laundering and combating economic crimes financing as issued by SAMA in May 2003.
