Saudi Arabia's central bank warns of money laundering

The Saudi Arabian Monetary Agency (SAMA) advised the banking sector to keep a vigilant eye on money laundering or “suspicious” funds entering the kingdom through bank transfers.

Local banks must bolster their regulations and take precautionary measures when facilitating fund transfers, the agency said in a report published by Asharq Al-Awsat newspaper on Monday.

“This warning doesn’t come because we’ve found suspicious funds in Saudi banks, but rather to emphasize the need for more control in order to maintain the strength and durability of the sector’s security when it comes to fund transfers,” said Talaat Hafez, secretary-general of the media office in Saudi Arabia's banking authority.