Saudi Arabia Strengthens AML and Beneficial Ownership Rules

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Saudi Arabia has updated its AML regulations, introducing stricter risk assessment standards for businesses, as well as new beneficial ownership and information-sharing requirements.

The revised regulations were reportedly published in its official gazette, Umm Al-Qura, and took effect on June 26, 2026.

Under the updated rules, financial groups must establish policies for sharing customer, account, and transaction information to support customer due diligence and money laundering risk management. These arrangements must preserve confidentiality and comply with data protection requirements.

Financial institutions and designated non-financial businesses and professions must identify, assess, and understand the money laundering risks associated with their operations. Their assessments must be documented in writing, kept up to date, and made available upon request. They must also identify the ultimate beneficial owners of legal entities. This includes any natural person who has effective control or owns at least 25% of an entity.

Travelers entering or leaving Saudi Arabia are also affected by the new rules and must declare cash, bearer negotiable instruments, gold bullion, precious metals, gemstones, jewelry, and similar valuables worth SAR 40,000 (approx. $10,600) or more. The previous threshold was SAR 60,000 (approx.$16,000).

The amendments further confirm that the General Directorate of Financial Intelligence will be based in Riyadh and may establish branches elsewhere in Saudi Arabia.