Compliance & Governance

Mohammed Barki Al-Lahibi & Partners Exchange Company is committed to applying the highest standards of compliance and governance in accordance with the regulations and instructions issued by the Saudi Central Bank (SAMA), and in line with international best practices, to ensure the safety of financial operations and the protection of customers.

Currency exchange services for individuals and businesses with simple procedures and competitive rates.

Regulatory Compliance

Mohammed Barki Al-Lahibi & Partners Exchange Company adopts a strict policy of full compliance with all rules and regulations issued by the Saudi Central Bank (SAMA), particularly those related to Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF), which form the foundation of the Company’s policies and procedures.

These regulations were issued to support national efforts to combat illicit financial activities and to enhance the safety and stability of the financial system in the Kingdom of Saudi Arabia.

AML & CTF Policy Objectives

Ensuring Regulatory Compliance

To ensure that currency exchange companies operating in the Kingdom comply with the Anti-Money Laundering Law and its Implementing Regulations.

Adherence to Supervisory Instructions

To support compliance with the Banking Control Law, Anti-Money Laundering regulations, the instructions issued by the Saudi Central Bank (SAMA), and relevant resolutions of the United Nations Security Council.

Implementation of International Standards

To apply policies, standards, procedures, and systems for preventing, detecting, monitoring, and reporting money laundering and terrorist financing activities, in accordance with the principles of the Basel Committee and the Forty Recommendations and Nine Special Recommendations of the Financial Action Task Force (FATF).

Protection of the Financial Sector

To protect banks and currency exchange companies operating in the Kingdom from being exploited as channels for laundering illicit funds or financing terrorist and other criminal activities.

Enhancing Financial System Integrity

To strengthen and safeguard the integrity and reputation of the banking and financial systems in the Kingdom of Saudi Arabia, and to maintain public confidence therein.

Customer Protection & Security

Mohammed Barki Al-Lahibi & Partners Exchange Company is committed to providing a high level of security and protection for its customers through the implementation of robust internal controls and monitoring procedures. These measures are designed to ensure the safety of financial transactions, protect customer data, and maintain the reliability and integrity of all exchange operations.

International Standards (FATF)

In addition to complying with the regulations and instructions issued by the Saudi Central Bank (SAMA), Mohammed Barki Al-Lahibi & Partners Exchange Company applies the recommendations and standards issued by the Financial Action Task Force (FATF), including all relevant updates. These standards are taken into consideration as part of the Company’s periodic assessments of its Anti-Money Laundering and Counter-Terrorist Financing activities.

Know Your Customer (KYC)

Mohammed Barki Al-Lahibi & Partners Exchange Company applies Know Your Customer (KYC) policies and procedures in accordance with approved best practices, with the objective of verifying customer identities, monitoring financial transactions, and mitigating risks associated with illicit activities.

Verifying customer identities in accordance with approved procedures and regulatory requirements.
Ongoing monitoring and assessment of financial transactions to identify potential risks.
Training employees to detect, monitor, and follow up on suspicious transactions and activities.
Reporting activities related to Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) to the relevant competent authorities.

Audit & Review

Mohammed Barki Al-Lahibi & Partners Exchange Company ensures that its Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) activities are subject to periodic audit and review by independent external auditors.

Money Laundering

What is Money Laundering?

Money laundering is defined by the Saudi Central Bank (SAMA) as committing or attempting to commit any act intended to conceal or disguise the true origin, nature, source, location, disposition, movement, ownership, or rights of funds acquired through unlawful means, making them appear to be derived from legitimate sources.

Stages of Money Laundering

Money laundering activities typically occur through three main stages:

Common Money Laundering Methods

Money launderers may use various methods, including but not limited to:

Terrorist Financing

What is Terrorist Financing?

Terrorist financing is defined under Anti-Money Laundering regulations as any act of collecting, providing, or making funds available—whether from lawful or unlawful sources—with the intent that such funds be used, in whole or in part, to carry out terrorist acts, support terrorist organizations, or assist individuals involved in terrorist activities.

Regulatory Framework in the Kingdom of Saudi Arabia

The Kingdom of Saudi Arabia is fully committed to the resolutions of the United Nations Security Council and international efforts to combat money laundering and terrorist financing. Relevant laws and regulations have been enacted to criminalize such activities, and the Saudi Central Bank (SAMA) requires banks and currency exchange companies to fully comply with these regulations and supervisory instructions.

FATF Recommendations

The recommendations of the Financial Action Task Force (FATF) require that counter-terrorist financing measures cover individuals who collect or provide funds, directly or indirectly, with the intent to use them wholly or partially for: