Al-Sayari urges global FATF standard implementation, virtual asset accountability
Ayman Al-Sayari, Governor of the Saudi Central Bank, affirmed strong support for Financial Action Task Force (FATF) standards at its Ministerial Meeting. He called for rapid global implementation of these standards, particularly in the virtual assets sector.
Risk-based approach and mutual evaluations
Saudi Central Bank Governor Ayman Al-Sayari emphasized the foundational role of a risk-based approach, including risk-based supervision, within FATF Standards.
He stressed the need for tailored assessments that account for diverse domestic frameworks and specific country risks, especially in identifying higher-threat jurisdictions.
Al-Sayari voiced strong support for FATF's strategic priorities, particularly the new round of mutual evaluations from 2026–2028, which will focus on risk and effectiveness.
Saudi Arabia is prepared to facilitate, contribute to, and learn from this exercise.
He also highlighted that Saudi Arabia's recently amended Anti-Money Laundering (AML) regulation fully supports FATF's recommendations, including extended confiscation and international cooperation.
The Governor underscored the importance of regulators, supervisors, financial intelligence units, law enforcement, and the private sector understanding key risks and priorities.
Global cooperation and payment transparency
Al-Sayari emphasized strengthening cooperation with regional organizations and FATF-Style Regional Bodies, including providing capacity-building support to low-income and lower-capacity jurisdictions facing AML/CFT challenges.
He recognized FATF's ongoing work to enhance transparency and traceability in payments, aligning with the G20 Roadmap for faster, cheaper, more transparent, and inclusive cross-border payments.
The Governor also supported deploying a full toolkit to combat fraud, including payments fraud, organized scam centers, and the misuse of legal persons and emerging technologies like AI, all critical for financial integrity.
Virtual assets: A critical frontier
The call for rapid and effective implementation of FATF Standards in the virtual assets sector globally underscores a critical and evolving frontier in financial integrity.
Holding non-compliant countries accountable is essential to prevent regulatory arbitrage and safeguard the broader financial system.
This proactive stance highlights the urgency of adapting anti-money laundering frameworks to new technological realities.