"Majed Showlag and Brothers Exchange Company" is confoming to all Saudi Arabian Monetary Agency (SAMA) laws and regulations especially those related to money laundering combat and Terrorism Financing, where is the main purpose of these regulations and laws is to support the efforts toward money laundering combat, terrorism financing and all other financial criminal activities. The following are the objectives of (SAMA) regulations and laws:
1- The warranty of all Banks and Exchanging Companies working in Kingdom of Saudi Arabia to conform to Money Laundering Combat and its Executive Regulations.
2- Helping Banks and Exchanging Companies working in the Kingdom of Saudi Arabia to adhere to Bank Controlling System, Money Laundering Combat System and all instructions of (SAMA).
3- Applying all politics, standards, procedures and regulations to prevent, detect and monitor exchange processes and to report any suspected Money Laundering or Terrorism activities according to The Basel Committee and The recommendations of International Financial Action Task Force (FATF) regarding Money Laundaring and Terrorism Financing combat.
4- Protecting Banks and Exchanging Companies which are working in the Kingdom of Saudi Arabia from being utilized as a channels to pass into illicit money resulting from Money Laundaring, Terrorism Activities and all other criminal financial activities.
5- Reinforce and Protect trust and integrity of Banking systems in the Kingdom of Saudi Arabia.
(SAMA) defining Money Laundaring as any action that intends to hide or conceal a money that originated from illegitimate sources, so to look like as a money originated from a legitimate sources.
(SAMA) defining a Criminal Actvity as to be any activity that constituts an infraction of administrative regulations, Terrorist acts or an activity related to any Terrorist organizations including all financing resources for these activities whether it is a legitimate or illegitimate resources.