Act 2017
Anti-Money Laundering Law
Nizam Mukafahat Ghasl Al-Amwal
Issued by Saudi Financial Investigation Unit
Effective: 14 Nov 2017
Last amended: 17 Apr 2026
Plain-English summary
The Saudi Arabia Anti-Money Laundering Law is the key legislation that seeks to protect the financial system of the kingdom through the criminalization of money laundering, asset tracing, and terrorism financing. The act is enacted through Royal Decree No. M/20. Under the new law, the Saudi Arabia Financial Investigation Unit (SAFIU) under the Presidency of State Security is the lead body responsible for handling suspicious transaction reports (STRs), whereas SAMA and CMA oversee compliance among corporate organizations. There are stringent requirements, including a ten-year period of retaining transaction records and Customer Due Diligence (CDD). The law has since been amended in April 2026 through Royal Decree No. D/223 to extend jurisdiction to include regulations on e-wallets, wider powers of courts to seize suspicious properties, and severe deportation for foreign perpetrators to ensure FATF compliance.
Who it applies to
Banking · Insurance · Real Estate · DNFBPs (Lawyers, Accountants, Dealers)
Topics
AML / CFT / Sanctions
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