1. Name: Faten Al-Mohsin ID: 200700789 Major: Finance
Saudi Arabian Monetary Agency’s Control Guidelines: Combating Embezzlement and Financial Fraud
Name: Faten Al-Mohsin
ID:
Major: Finance

2. Outline Introduction Research Problems Research Hypothesis
Research Methodology
Analyzing the problems
Findings, Results and Conclusions
Recommendation

3. Introduction
the problem of financial fraud and embezzlement has been with the world for long. because of more advanced communication system and the global business environment, fraudulent behaviors have also updated.
In Saudi Arabia, the problem of fraud behaviors also exist but not in that volume as in the United States of America. However, in solidarity with other countries, anti fraudulent laws and regulations were passed mostly by having in mind what is happening in the region and the world and that is more in the anti-terrorism efforts of the international community.

4. Research Problems
What laws, regulations and control guidelines did SAMA formulate and implement to combat embezzlement and financial fraud in Saudi Arabia?
What challenges did SAMA meet in the implementation of these laws, regulations and control guidelines against embezzlement and financial fraud in Saudi Arabia?
What are the results of these activities by SAMA to stakeholders in the kingdom’s financial system?

5. Research Hypothesis
Null hypothesis 1: There are no laws, regulations nor control guidelines that SAMA formulated and implemented to combat embezzlement and financial fraud in Saudi Arabia
Alternative hypothesis 1: There are laws, regulations or control guidelines that SAMA formulated and implemented to combat embezzlement and financial fraud in Saudi Arabia.
Null hypothesis 2: There are no challenges that SAMA meet in the implementation of these laws, regulations and control guidelines against embezzlement and financial fraud in Saudi Arabia laws.
Alternative hypothesis 2: There are challenges that SAMA meet in the implementation of these laws, regulations and control guidelines against embezzlement and financial fraud in Saudi Arabia laws.
Null hypothesis 3: There are no results of these activities by SAMA to stakeholders in the kingdom’s financial system.
Alternative hypothesis 3: There are positive and negative results of these activities by SAMA to stakeholders in the kingdom’s financial system.

6. Research Methodology Qualitative research
An intensive review of literature was done.
All printed literature on the laws, regulations or control guidelines that SAMA formulated and implemented to combat embezzlement and financial fraud in Saudi Arabia
Analysis of this

7. Analyzing the problems
1- Laws, regulations and control guidelines that SAMA formulated and implemented to combat embezzlement and financial fraud in Saudi Arabia: The laws passed by SAMA to protect the financial system include: the Currency Laws, and Anti Fraud and Embezzlement Laws. Some regulations and control guidelines were also prepared that include: Manual of Guidelines for Combating Embezzlement & Financial Fraud & Control Guidelines of 2008, Rules Regulations for Prevention of Fraud of 2008, Compliance Manual for Banks Working in Saudi Arabia (2008), Anti-Money Laundering and Counter-Terrorism Financing Rules For Financing Companies First Update of 2012, and Anti-Fraud Regulation of 2008 for insurance companies and providers.

8. 2- Challenges met by SAMA in the implementation of these laws, regulations and control guidelines against embezzlement and financial fraud in Saudi Arabia:
Because of the nature of the responsibilities tasked to SAMA, there are some difficulties met by SAMA in the implementation of these laws, regulations and control guidelines against embezzlement and financial fraud in Saudi Arabia. These are often from the owners of financial institutions who find many regulations cumbersome. Also, many financial institutions’ staff complains that many customers of the banks and money exchange institutions are troubled and complain.

9. 3- The results of these activities by SAMA to stakeholders in the kingdom’s financial system
SAMA is now very strict in the implementation of the laws and guidelines in combating embezzlement and financial fraud in Saudi Arabia. It is being noticed that the ceiling for sending money abroad has been strictly implemented to fight anti-money laundering and terrorism acts. Strict bank securities for e-transactions are also implemented to protect financial systems and the depositors to electronic theft. Banks and other financial institutions including foreign exchange institutions are strictly monitored, thus they are strictly implementing such laws and regulations.

10. Findings, Results and Conclusions
There are laws, regulations or control guidelines that SAMA formulated and implemented to combat embezzlement and financial fraud in Saudi Arabia
There are challenges that SAMA meet in the implementation of these laws, regulations and control guidelines against embezzlement and financial fraud in Saudi Arabia laws
Challenges came from the financial institutions themselves because of the cumbersome paperwork that their clients are complaining against.
Also there is a few law enforcers that have specialized in combating fraud and embezzlement.

11. There are positive results of these activities by SAMA to stakeholders in the kingdom’s financial system.
Because of the strict SAMA implementation of laws, regulations and control guidelines, financial institutions and foreign exchange business organizations are following them.
No fraud cases heard from the banks of financial system

12. Recommendation
SAMA should conduct workshops and training courses in using financial intelligence to detect corrupt behaviors and combating corruption and strengthening anti-money laundering outcomes to officials of Saudi Arabia as well as the owners and employees of banks.

13. References
About SAMA. (2012). Retrieved on September 19, 2012 from website: Linker S. (2008). Embezzlement: Everything you need to know. RosenfarbWinters, LLC. Accessed online on September 19, 2012 from website: Crime and Misconduct Commission. (2012). Combating fraud and corruption. Retrieved on September 19, 2012 from website: SAMA1. (2008). Manual of Combating Embezzlement & Financial Fraud & Control Guidelines. Retrieved on September 19, 2012 from website: SAMA2. (2008). Rules Regulations for Prevention of Fraud. Accessed online on September 19, 2012 from website: prevention_of_fraud_v21.pdf SAMA3 (2008). Compliance Manual for Banks Working in Saudi Arabia. Accessed online on September 19, 2012 from website: