7.3.1. Saudi Arabia: Ongoing engagement with private sector

215. The financial supervisors, the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) maintain an ongoing outreach and awareness program that includes workshops, dialogue, and committees that maximises supervisory coverage of all risk and ensure awareness of ML/TF risk in the financial sector, ensuring compliance with AML/CFT obligations.

216. Both supervisors maintain an ongoing engagement with the private sector on a monthly basis through a number of permanent committees.

217. The purpose of these committees is to assist both supervisors to understand the risks faced by the private sector and react accordingly and also assist the private sector to share the latest developments and best practices to combat money laundering and terrorist financing and discuss the common risks, issues and concerns that are prevalent in the industry, raising awareness of any emerging risks in the financial sectors and come up with consolidated recommendations and analysis of such issues.

7.3.2.Russia: Know Your Customer database

218. In October 2019, а roadmap for the SupTech and RegTech solutions of the Bank of Russia, listing the major projects and initiatives in the field of supervisory and regulatory technologies, was approved. The technologies will make it possible to reduce the regulatory burden on supervised entities and to improve internal processes, including internal monitoring.