with the size and nature of the work, investment policy, compliance with the financial solvency standards, and allocations of necessary technical provisions to ensure health and soundness of the companies ’ financial positions. it is imperative that the insurance industry remains competitive by developing and providing insurance products and services to the satisfaction of customers at all times. dear audience, we expect the insurance industry to continue to improve its performance and achieve balanced growth in accordance with corporate objectives and available resources. we also anticipate the industry to meet the needs of the market and beneficiaries to increase their confidence in the insurance activities. it is important that insurance companies strike a balance between the size of business and geographic expansion, and human and financial resources and operating infrastructure. i would like to conclude the speech by emphasizing the importance of the insurance sector with respect to employment and training of male and female citizens through paying more attention to the development of human resources and training policies and increasing saudization. sama has designed a compulsory exam on the basics of insurance activities to measure employees ’ competence and insurance providers ’ awareness of insurance fundamentals including laws, regulations and standards. companies are required to organize vocational and technical development programs to raise insurance awareness and help provide qualified manpower to serve the insurance sector and the country well. thank you for your attention. i wish you all a successful symposium. bis central bankers ’ speeches

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 -