Ayman Al-Sayyari, Governor of the Central Financial institution of Saudi Arabia – SAMA
Ayman Al-Sayyari, Governor of the Saudi Central Financial institution (SAMA), stated: Saudi Arabia continues to undertake the newest applied sciences and improvements, reminiscent of digital cost techniques, synthetic intelligence, and open banking frameworks. With the purpose of enhancing effectivity and monetary inclusion, whereas on the identical time guaranteeing that these improvements will not be misused to facilitate monetary crimes.
He added, in a session held on the sidelines of the annual conferences of the Worldwide Financial Fund and the World Financial institution in Washington, that monetary crimes – whether or not cash laundering, fraud, or financing unlawful actions – are among the many advanced world challenges that carry damaging results.
He burdened that Saudi Arabia is making nice efforts to beat challenges, because it responded to this problem by way of a complete strategic imaginative and prescient rooted in Saudi Imaginative and prescient 2030, which considers integrity and transparency to be on the core of financial transformation.
He said that the Kingdom’s financial system is characterised by its openness to international investments, whereas on the identical time committing to making sure the integrity of those investments, the protection of their sources, their traceability, and their freedom from any illicit belongings.
He added that the Kingdom has developed a sophisticated nationwide framework to fight cash laundering, terrorist financing and corruption, supported by committees and instruments specialised in combating monetary crimes.
He identified that the legislative experimental setting on the Saudi Central Financial institution is taken into account one of many important instruments that present a secure setting for testing fashionable monetary applied sciences, whereas adhering to strict anti-money laundering and terrorist financing necessities.
