FSA’s Role

The Financial Services Authority is one of the regulators defined  under the Anti-Money Laundering and Combating Terrorism Financing Law promulgated by Royal Decree No. 30/2016.

The law confers the FSA the powers to regulate and supervise the compliance of the financial institutions regulated by the FSA with the law, and may issue the regulations, decisions and instructions required to enforce the law. The FSA, as  regulator and supervisor  of the capital market and insurance sectors, to ensure the implementation of the Anti-Money Laundering and Combating Terrorism Law effected the following procedures:

• The FSA established  Anti-Money Laundering and Combating Financing Terrorism Department to undertake the regulation and supervision to ensure compliance of all the regulated companies with the instructions related to anti-money laundering and combating financing terrorism and audit and inspect them.

• The FSA issued Decision No. E/80/2021 “Instructions to the Capital Market Institutions on the Implementation of the Provisions of the Law on Combating Money Laundering and Terrorism Financing” and Decision No. E/81/2021        “ Instructions to Insurance and Takaful Companies, Brokers and Agents on the Implementation of the Provisions of the Law on Combating Money Laundering and Terrorism Financing.”