Travelers must declare assets over 40,000 riyals
The new amendments to Saudi Arabia's Anti-Money Laundering System focus on strengthening oversight through more comprehensive risk management, expanding the scope of regulated entities and activities, improving customer verification procedures, implementing more precise rules for financial transfers, providing immediate reporting of suspicious transactions, and granting broader powers to investigation authorities. Additionally, they have reduced the declaration value required for entering or leaving the Kingdom from 60,000 to 40,000 Riyals, and increased control over the movement of funds and precious metals at border crossings. The overall goal is to enhance transparency, compliance, and more effective combatting of financial crimes.
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