The Ministry of Commerce and Industry held a training session titled “Identifying the Beneficial Owner within the Framework of Exercising Due Diligence”. The Session witnessed the participation of several trust fund service providers and companies, auditors, and dealers in precious metals and gems.

The Session took place at the headquarters of the Ministry and dealt with topics related to money laundering and terrorism financing, how to combat it, and how to identify the beneficial owner.

The Session included several presentations that specified the principles and definitions of money laundering and terrorism financing crimes as per Law No. (20) of 2019 and its implementing regulations, the different stages associated with money laundering and terrorism financing, and the most recent patterns in money laundering and terrorism financing in financial institutions and supervised entities.

Moreover, the Session discussed concepts and due diligence measures, their various levels, ways to verify customers and identify beneficial owners, identifying the entities working on behalf of the clients, the types and levels of targeted financial penalties, the external and internal reporting procedures related to suspicious transactions, and the basic principles needed to ensure the compliance of the supervised entities concerning money laundering and terrorism financing requirements.

The Session also showcased the Ministry’s efforts to coordinate and cooperate with the competent authorities to limit illegal financing and reviewed the country’s achievements in implementing initiatives to enhance compliance with the requirements of money laundering and terrorism financing and the proliferation of weapons of mass destruction in financial sectors.