Saudi banks warned Expats and Citizens against Transferring Money to Unknown persons

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The Committee for Information and Banking Awareness of Saudi banks warned citizens and expatriates against transferring money to unknown persons.

Saudi banks called all, the need to make sure the correctness of details and data, when dealing with financial institutions and banks.  – The Information and Banking Awareness Committee of Saudi banks said, “Beware of transferring money to unknown persons, This may be a contribution to money laundering operations, and inform the bank immediately after carrying out any banking operation on your account that you are not aware of.

It is necessary to disclose the true source of money and the actual purpose of the process when dealing with banks and financial institutions.

As the incorrect data may be subject to accountability, it can lead you to serious offense of Money laundering.

Anyone who commits money laundering crime shall be punished by jail term of maximum 10 years and fine of maximum 5 million (5,000,000) Riyals or anyone or both, along with the seizing of funds associated with crime.

Source : Saudi Expatriates