guidelines are derived from the forty recommendations and the subsequent recommendations, in particular applying the principle of “ know your customer ”, monitoring suspicious transactions, and informing competent security authorities ( financial investigation unit ) of suspicious activities. these guidelines were updated once in 2003 and again in 2008. 5. for the past ten years, sama has collected information on the methods and techniques of money laundering, and provided banks operating in the kingdom with such information for the purpose of building a database in this regard to be linked automatically with the goal of tracking money laundering activities. 6. sama ’ s inspection team makes periodical inspection visits to banks to insure their proper application of instructions and regulations. any irregularities are detected and reported to concerned authorities to take actions for continually checking that they are corrected. 7. sama has established a permanent committee for regular monitoring of financial crimes in general and money laundering crimes in particular. the committee is made up of members from sama and banks to review the instructions and procedures taken in this regard so as to be applied as required. 8. sama has attached great importance to training in the field of combating money laundering. sama ’ s iob held 47 training courses benefiting 800 trainees during 2009. several government authorities, which are concerned with anti - money laundering issues, have also made great efforts to train their employees. a number of conferences and symposiums at the domestic and regional levels have been hosted to raise awareness of the issue of money laundering and strengthen human and technical capabilities to combat it. your meeting today in this symposium is only part of sama ’ s efforts to raise the level of compliance and anti - money laundering. dear audience, despite considerable efforts made to promote the principle of compliance and anti - money laundering that have had a significant positive impact, money laundering criminal activities always seek new techniques to be able to continue. hence, we always need to be alert and cautious, and we should enhance our capabilities and do our utmost to fulfill the tasks entrusted to us. achieving success also requires cooperation among all concerned authorities and exchange of information that would help achieve our goal of dealing positively and effectively with the challenges we face. dear audience, i have looked into the program of this symposium and found it packed with a range of important and useful topics which will be presented by an elite of specialists in this area, and i call on everyone to benefit most from this symposium which will in my view, be reflected positively on our efforts to enhance the principle of compliance and anti money -

##lding, 15 january 2016. see cœure, b., “ the future of europe : building on our strengths ”, speech at the plenary session on “ the future of europe ” during the fifth german economic forum in frankfurt am main, 6 december 2013. see cœure, b., “ structural reforms : learning the right lessons from the crisis ”, speech at the economic conference organised by latvijas banka in riga, 17 october 2014. public investment in the euro area was 3. 2 % of gdp for 1995 - 2005 compared with 2. 6 % projected for 2016, while private investment in the euro area was 18. 7 % of gdp for 1995 - 2005 compared with 17. 3 % projected for 2016. see european commission, annual macroeconomic database, 2015. bis central bankers ’ speeches the same logic applies to emu. risk reduction on its own will not be sufficient ; we will need to better share the remaining risk as well. the two are complementary. for banking union, this means reducing risks in banks in parallel to establishing a common deposit insurance scheme and a robust fiscal backstop. this is what the commission has proposed, and this is why we support their approach. when we speak about fiscal and economic policies, combining risk sharing and risk reduction means that more pooling of fiscal resources – which i believe is ultimately necessary to provide better insurance against shocks – will have to be accompanied : ( i ) by a new convergence process which ensures that all economies have a similar resilience to shocks ; and ( ii ) by initiatives to restore the credibility of our fiscal rules. these two elements are all about preventing risk sharing from becoming a one - way street, in other words preventing risk sharing from turning into risk shedding. joint decision - making on matters of common concern the second principle we might be able to agree on is that there are policy domains where coordination via rules has run its course and is no longer a viable substitute for joint decisionmaking within common institutions. the argument here has two parts : on the one hand, there should be no doubt that the rules that are in place have to be respected. this is not some kind of theological dogma. this is because it is economically and politically the right thing to do – not only to avoid the macroeconomic instability stemming from excessive imbalances, but also to re - establish mutual trust, which is the precondition for progress. think about the high public debt levels of many member states.