Urgent – A supervisory organization links dealers in precious metals and gemstones with civil society associations

The National Center for Non-Profit Sector Development launched a new electronic service that allows merchants of Union of Saudi Chambers, of the necessity of informing it immediately if any discrepancy or discrepancy is detected in the information of the real beneficiary, through the approved official communication channels.

The circular indicated that this procedure is based on the anti-money laundering system issued by royal decree on the twenty-fifth of October 2017, and the anti-terrorism and its financing system issued on the first of November of the same year.

The Center stated that the executive regulations for these systems include strict obligations on those engaged in Precious metals and precious stones, obligating them to apply due diligence measures, especially with regard to identifying the identity of the beneficiary.

Through this step, the National Center for Non-Profit Sector Development aims to organize and activate the role of sector organizations, and expand it in development fields, while unifying and integrating government efforts in providing licensing services.

The Center undertakes financial and administrative supervision of the sector to increase coordination and support, as it was established as a strategic goal within the Kingdom’s Vision 2030. To enable non-profit work and achieve greater social and economic impact.

The Center is one of the basic initiatives of the National Transformation Program, as it works with government partners, organizations, companies and individuals according to comprehensive governance that achieves a practical flow that ensures everyone’s contribution to the sustainable development system.