Abu Dhabi: Saudi Arabia’s efforts to combat money laundering have expanded to cover car lease ending with ownership, local media reported.
Establishments across the Kingdom have also adopted procedures to determine whether their customers appear on any lists of known or suspected terrorists issued by the Government or foreign entities.
The Central Bank regularly issues guidelines on how companies can assess money laundering risks.
The financial leasing companies of cars ending with ownership across the Kingdom have also adopted procedures to determine whether their customers appear on any lists of known or suspected terrorists issued by the Government or foreign entities.
They have obliged all customers (Saudis and residents) to fill out a unified form under the title “Conformity and Compliance Department and Combating Money Laundering and Terrorism Financing.”
The form includes several information related to the new customer, including full name, national ID number, place of issuance, ID expiry date, date of birth, residence address, employer, address and telephone, the purpose of the financing request, and disclosure of the nature of the applicant’s work, and sources of income.
The form includes the client’s dealings with other financing companies, and the type and size of the transaction. One of the most important fields on the form is disclosure of the presence of relatives holding governmental or non-governmental positions, and to describe the position in detail.
Motor finance companies offer a number of products to fund the acquisition and use of a motor vehicle. Depending on the funding method used, the customer may or may not obtain legal title to the vehicle. Motor finance products generally fall into two categories - purchase agreements, and lease agreements.