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Anti-Money Laundering and Terrorist Financing Policy | Abaq Al-Hayat

Anti-Money Laundering and Terrorist Financing Policy

Abaq Al-Hayat — Last updated: July 24, 2026 — Effective as of the date of publication

Contents

  1. Introduction and Our Commitment
  2. Legal Basis
  3. Scope of This Policy
  4. Customer Due Diligence Procedures
  5. Enhanced Due Diligence for High-Risk Cases
  6. Ongoing Transaction Monitoring
  7. Reporting Suspicious Transactions
  8. Record Retention
  9. Employee Training and Compliance Officer
  10. Legal Penalties
  11. Changes to This Policy
  12. Contact Us

1. Introduction and Our Commitment

Abaq Al-Hayat is fully committed to combating money laundering and terrorist financing, and we implement internal policies and procedures appropriate to the nature of our business in company formation and facilitating foreign investment, helping protect our customers and the integrity of the Saudi financial system.

2. Legal Basis

This policy is based on the Saudi Anti-Money Laundering Law (issued by Royal Decree No. M/20, as subsequently amended) and its Implementing Regulations, under the oversight of the competent authorities, including the General Directorate of Financial Investigation.

3. Scope of This Policy

This policy applies to all of our services related to company formation, facilitating the opening of bank accounts, and financial and investment consulting, and to all of our customers regardless of nationality or investment size.

4. Customer Due Diligence Procedures (KYC)

Before providing our services, we apply verification procedures that include:

Identity Verification

Verifying the customer’s identity using valid official documents (passport, national ID, or equivalent).

Identifying the Beneficial Owner

Identifying the natural persons who ultimately own or effectively control the company to be established, rather than relying solely on the apparent owner.

Understanding the Purpose of the Business Relationship

Understanding the nature and purpose of the requested activity and the source of the funds used in it.

Ongoing Screening

Periodically reviewing customer information to ensure that it remains accurate and up to date.

5. Enhanced Due Diligence for High-Risk Cases

We apply enhanced verification procedures in higher-risk situations, such as politically exposed persons (PEPs), customers from countries classified as higher risk under international standards, or transactions with unusual structures.

6. Ongoing Transaction Monitoring

We continuously monitor activities and transactions associated with our customers to ensure that they are consistent with the customer profile known to us and to identify any unusual pattern that may require further review.

7. Reporting Suspicious Transactions

If we suspect, or have reasonable grounds to suspect, that funds are connected to money laundering or terrorist financing, we are required to report the matter immediately and directly to the General Directorate of Financial Investigation as required by law, without notifying the customer concerned (in accordance with the "Tipping-off" prohibition generally applied under this type of regulatory framework).

8. Record Retention

We retain customer identification records and transaction details for no less than ten years from the date the business relationship ends or the transaction is completed, as required by law.

9. Employee Training and Compliance Officer

We appoint a compliance officer to oversee the implementation of this policy and provide our employees with periodic training to recognize indicators of suspicious transactions and the procedures to follow. Compliance officer contact details:.

10. Legal Penalties

The Saudi Anti-Money Laundering Law imposes strict penalties, including imprisonment and financial fines, on perpetrators of money laundering offenses. Criminal liability may also extend to the legal entity (the company) and those representing it where it is proven that the act was committed in its name. This section is for informational purposes only and does not replace review of the full legal text with your legal advisor.

11. Changes to This Policy

We may update this policy to reflect any amendments to the law or its Implementing Regulations. Any update will be published on this page with the date of the latest update.

Note: The Saudi Anti-Money Laundering Law has recently undergone amendments (under a Royal Decree that expanded the powers of the financial investigation authority) — we will always ensure that this page reflects the latest effective version of the law and its Implementing Regulations.

12. Contact Us

For any questions regarding this policy, please contact us via:

  • Email: info@en.abqalhayat.com
  • Address: Riyadh - King Fahd Road South - Al Jafal Commercial Center - 3rd Floor - Office 21