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  • Section 4 Financial Group

    • Article (31)

      The financial groups shall implement anti-crime programs at the group level, that shall be applicable to all branches and subsidiaries in which the group has a majority. In addition, these programs include the following, in addition to the measures stipulated in Article no. (20) of this Resolution:

      1. Information exchange policies and procedures required for Client due diligence and crime risk management purposes.
         
      2. Provision of information related to Clients, accounts and operations from branches and subsidiaries to the AML/CFT officials at the level of the financial group, when necessary. This shall be for the purposes of countering crime, including information on analyzing operations or activities that seem unusual or suspicious, in addition to suspicious transaction reports, their basic information, or an evidence on filing a report of a suspicious transaction. In all cases, branches and subsidiaries are provided with this information when appropriate and necessary to risk management.
         
      3. Provision of adequate guarantees on confidentiality and use of exchanged information.
         
      This article has been amended by Cabinet Resolution No. (24) of 2022. You are viewing the latest version. To view the previous version, click the version box below.
      Version 1(effective from 10/02/2019 to 01/04/2022)

       

      Financial Groups shall implement group-wide programs with respect to combating the Crime. Such programs shall be applicable and appropriate to all its branches and majority-owned subsidiaries. In addition to the measures mentioned in Article (20) of this Decision, these programs should also include the following:

      1. Policies and procedures for the exchange of information required for the purposes of CDD and risk management of the Crime;
         
      2. The provision of Customer information, accounts, and Transactions from the branches and subsidiaries to the compliance officers at a Financial Group level, whenever necessary for the purpose of combating the Crime.
         
      3. Provision of adequate safeguards on the confidentiality and use of the information exchanged.
         

       

    • Article (32)

      1. Financial Institutions should ensure that their foreign branches and majority-owned subsidiaries apply Crime-combating measures that are consistent with the requirements of the Decretal-Law and the present Decision when the minimum Crime-combating requirements of the other country are less strict than those applied in the State, to the extent permitted by that other country’s laws and regulations.
         
      2. If the other country does not permit the appropriate implementation of measures for combating the Crime that are consistent with the requirements of the Decretal-Law and the present Decision, then Financial Institutions shall take additional measures to manage AML/CFT risks related to their operations abroad and reduce them appropriately, inform the other country of the matter, and abide by the instructions received from the Country in this regard.