SAMA Mandates Wathiq Integration For Beneficial Ownership Verification

On 20/09/1447H (corresponding to 9 March 2026), the Saudi Central Bank issued Circular No. 472047799, requiring all financial institutions under its supervision to integrate with the Ministry of Commerce's "Wathiq" platform for beneficial ownership verification.

The circular is issued pursuant to the Anti-Money Laundering Law (Royal Decree No. M/20 dated 05/02/1439H), the Counter-Terrorism Financing Law (Royal Decree No. M/21 dated 12/02/1439H) and the Beneficial Owner Rules (Ministerial Decision No. 99 dated 05/06/1447H).

What this requires

Financial institutions must:

• integrate Wathiq into their customer due diligence processes;
• verify beneficial ownership information against the platform; and
• notify the Ministry of Commerce of any discrepancies or undisclosed beneficial owners.

Implementation must remain aligned with obligations under the Personal Data Protection Law and SAMA supervisory requirements.

Why this matters

The circular does not introduce a new AML obligation. Rather, it operationalises beneficial ownership verification, moving it from a document-based process to a system-integrated control with reporting obligations.

Next steps

Institutions should prioritise:

• technical integration with Wathiq;
• updating CDD workflows and escalation procedures; and
• ensuring alignment with data protection requirements.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.