The Ministry of Commerce has published a guidance manual aimed at raising the level of compliance among traders of precious metals and gemstones in the Kingdom with the requirements related to implementing targeted financial sanctions associated with combating terrorism and its financing, as well as counter-proliferation financing.

The issuance of the manual comes in accordance with the regulations and executive mechanisms of UN Security Council resolutions, and in a manner that enhances the protection of the sector from any potential misuse.

The manual provides specific guidance to traders of precious metals and gemstones on how to effectively implement these obligations, with a focus on proportional compliance, the risk-based approach, and supervisory expectations.

The manual outlines a number of obligations that traders must apply, most notably: continuously screening national and international sanctions lists, freezing any funds or assets linked to listed names, prohibiting the provision of services or facilities to any entity or individual subject to sanctions, in addition to immediately reporting any matches or suspected cases to the competent authorities.

The manual also emphasizes the importance of strict confidentiality in carrying out freezing procedures, and the obligation to retain records for no less than ten years, as well as strengthening internal controls and training employees to ensure effective and sustainable compliance.

Also, Ministry of Commerce affirms that these guidelines come as part of the Kingdom’s efforts to support adherence to international standards and enhance the integrity of commercial sectors, ensuring a safe and reliable environment for economic transactions.

The manual can be viewed through the following link: Click here​.