CMA asks investment companies to provide it with a report on the huge or unusual operations that the company is carrying out.
Informed sources told the daily one of the procedures followed by the CMA regarding combating money laundering and terrorist financing operations is in accordance with the text of Article (38-3) of the CMA Law, which states that the authorized person must be careful and scrutinize all complex and huge transactions and all unusual patterns of operations that have no clear economic or legal objective, reports Al-Jarida daily.
The sources stated that, through the inspection campaigns carried out by the CMA field teams, the latter requested to provide it with reports that include all the huge and unusual operations carried out by the company, noting that some companies refrained from providing the authority with these reports, which raises doubts about the inability of these companies to fulfill the instructions issued in this regard.
The sources indicated that the CMA emphasized that the authorized person assigns the external auditor to prepare a report that includes an assessment of the extent of compliance with all determinants and legislative requirements contained in the Anti-Money Laundering and Terrorist Financing Law, as well as the instructions issued by the CMA in this regard.
This is in addition to the extent of compliance with regulations and policies, work procedures and internal control systems.
The CMA stressed to the authorized persons that it is necessary to comply with the text of the aforementioned article, with the need to prepare the required report annually for the period from January 1 to December 31 of each year, and to provide the Authority with a copy of it no later than March 31 of each year.