Regulation Organizing Nazara (Beholding) Activities · Article 10: Obligations of the Beholder

1.Comply with the duties associated with his functions as prescribed by Islamic Sharia, applicable laws, regulation, rules, controls, and instructions, and any instructions issued by the Authority.

2.Comply with the laws and regulation governing the collection of donations and refrain from undertaking any such activity except after obtaining approval from the competent authorities in the Kingdom.

3.Make information and data available to beneficiaries where it relates to their interests or upon request.

4.Exercise due care in a manner that achieves the best interest and benefit of the Waqf.

5.Establish a mechanism for communication with Waqf stakeholders, including beneficiaries, for the purpose of receiving and addressing inquiries, suggestions, and complaints.

6.Comply with laws and regulation governing inward and outward financial transfers to and from outside the Kingdom, in particular the banking account rules issued by the Saudi Central Bank.

7.Establish a mechanism for disbursing waqf proceeds in cases where beneficiaries are located outside the Kingdom and notify the Authority accordingly.

8.Collect sufficient information on the beneficial owners of the waqf’s proceeds, verify such information using all possible and reliable means, retain it, and keep it up to date.

9.Periodically inform beneficiaries of the waqf’s financial statements, particularly in the case of large and medium-sized Awqaf.

10.Immediately notify the General Department of Financial Intelligence at the Presidency of State Security upon suspicion, or where reasonable grounds for suspicion exist, that Waqf funds, in whole or in part, constitute proceeds of crime or are linked or related to money laundering or terrorist financing operations, or are intended to be used for such operations, including attempted transactions, subject to the following: