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Saudi Arabia: Event in Riyadh
Commerce ministry to gold traders: Verify buyer identity for transactions exceeding SR50,000 RIYADH — The Ministry of Commerce has emphasized that businesses engaged in the trade of precious metals and gemstones must verify customer identities and undertake due diligence when conducting cash purchases or sales valued at SR50,000 or more, whether in a single transaction or through multiple transactions that appear to be related. According to a memo issued by the ministry to the Federation of Saudi Chambers, the contents of which were reviewed by Okaz newspaper, traders are required to identify and verify customers and retain relevant information and records in accordance with the requirements of the Anti-Money Laundering Law. The ministry has also required establishments to prominently display an awareness notice for customers at all their branches, outlining the identity verification requirements for transactions involving precious metals and gemstones. These requirements include presenting a valid national ID for citizens, a valid residency permit for residents, and a valid passport for non-residents, while also taking into account other legally approved documents and methods of identification. The ministry stressed that the SR50,000 transaction threshold does not exempt individuals from other obligations concerning invoicing and the provision of buyer and seller information, as stipulated by the Precious Metals and Gemstones Law and its executive regulations. Nor does it exempt them from any other legally mandated identity verification requirements. The Commerce ministry cautioned that merely presenting an identity document is insufficient. Its authenticity must be verified, and all other due diligence measures must be completed, alongside maintaining the required information and records in accordance with the relevant regulations. The ministry further stressed that due diligence measures must be applied regardless of the transaction value whenever there is suspicion of money laundering or terrorist financing, or when there are doubts regarding the accuracy or sufficiency of customer information. It also emphasized the obligation to report suspicious transactions in accordance with established procedures.
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This event was reported on rssby @Saudi Gazette. The summary above is an automated, neutral description; always consult the original report before relying on it.
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