All local banks are required to disclose banking secrecy on a person’s accounts for a period of about 7 years, indicating that this is related combating money laundering and terrorist financing.
The sources, according to a local Arabic daily, pointed out that the disclosure of confidentiality, will include the person’s accounts and bank transfers, in addition to his deposits, loans and treasury records, if any, and his securities in different names during the period specified in the request, noting that the exchange companies are likely required to provide the regulatory authorities with data of foreign transfers by the specified person from 2006 until 2013.
However, the sources did not mention any details about the case under investigation. They said what is remarkable this time is the length of the period that is being scrutinized by bankers and by exchange companies, so that the period of auditing in this regard used to be for about a year or two, but this time it extended for about 7 years.
On the other hand, the sources reported that a supervisory circular was issued to all banks to lift the ‘block’ that was placed on a jewelry company. The Ministry of Commerce and Industry had asked banks to freeze the accounts of the company and its officials for violating the instructions for combating money laundering and terrorist financing, and the decision included company officials who were included in the punitive decision.
The sources indicated that the company had finally succeeded in addressing the violations observed against it.
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