AML Compliance in Saudi FinTech
Navigating CMA’s Regulatory Landscape
Saudi Arabia’s FinTech sector is booming under Vision 2030, with startups reshaping payments, lending, and investment services. But with innovation comes responsibility. The Capital Market Authority (CMA) has made it clear: AML/CTF compliance is a non-negotiable requirement for FinTechs operating in the securities and investment space.
CMA’s AML/CTF regulations emphasize:
• Risk-Based Approach: FinTechs must assess customer risk profiles and apply proportionate controls, ensuring higher scrutiny for high-risk clients and transactions.
• Suspicious Transaction Reporting: Firms are obligated to report unusual or suspicious activity to the relevant authorities without delay.
• Cybersecurity & Data Protection: Given the digital-first nature of FinTech, CMA requires firms to implement strong safeguards to prevent misuse of platforms for illicit purposes.
• FinTech Experimental Permit (Regulatory Sandbox): Even startups testing new products under CMA’s sandbox must demonstrate robust AML controls before scaling.
For FinTechs, compliance is not just about ticking regulatory boxes, it’s about building user trust and ensuring sustainable growth in a sector where reputational risk can be fatal.
