Know Your Finance (KYF) is a cornerstone for Saudi businesses and their global counterparts,...
Across Saudi Arabia, many growing businesses – from small law firms to local real estate agencies and family-run dealerships – are forming new partnerships every day. Whether onboarding new customers, sourcing from local suppliers, or exploring regional investments, trust remains the foundation of business growth.
But trust alone isn't enough.
In today’s interconnected world, risks can hide behind what appear to be legitimate operations. Some customers, suppliers, or partners may have links to fraud, sanction violations, or human trafficking, or litigation that are not immediately obvious. For businesses without dedicated compliance resources, these threats can go unnoticed – until it’s too late.
Hidden Risk In Everyday Partnerships
Consider the example of a small car dealership in Dammam that recently began importing vehicles through a new supplier. Everything seemed above board: clean paperwork, consistent pricing, and good communication. Yet months into the agreement, the dealership’s bank raised concerns. A sanctions screening by the bank flagged the supplier’s parent company as having ties to a designated entity abroad.
The bank reported these suspicions to local authorities and, though unintentional, the dealership found itself facing account reviews, delays, and reputational questions that could have been avoided with early screening.
This type of situation is not uncommon. In many cases, businesses unknowingly work with individuals or entities associated with financial or predicate crimes, exposed politically, or listed in foreign court cases and media reports. These relationships may not cause immediate problems – but when flagged by banks, regulators or clients, the fallout can be significant.
Risk Doesn't Always Look Like Risk
The most damaging risks are often those that seem invisible. Entities can obscure true beneficial ownership. Individuals may operate through family or third-party intermediaries. And when media coverage is limited to another language or jurisdiction, key warning signs may never surface during a basic internet search.For businesses that operate without compliance or due diligence teams or access to legal counsel, the challenge is not just recognising these risks—but having the tools to detect them early.
A Scalable Tool for a Growing Market
To support businesses in Saudi Arabia of all sizes—especially those without internal compliance expertise – Tathabbat CORE, powered by Themis, provides an accessible way to identify and monitor risk.
It offers:
- Screening for up to 60 entities per month, including clients, suppliers, investors and individuals
- Checks against global sanctions, Politically Exposed People, Corporate ownership, commercial registries, adverse media, litigation and watchlist data
- Ongoing daily monitoring with real-time alerting
- A simple and intuitive platform suitable for both operational and executive users
Built for the realities of local business – where partnerships form quickly and decisions move fast – Tathabbat CORE gives businesses a way to act with confidence and reduce exposure.
Prevention That’s Proactive – Law office example
One example of a Tathabbat client uncovering a hidden risk through the platform involved a small law office in Riyadh preparing to onboard a new foreign consultant. While the individual had an impressive résumé, a quick check through the platform flagged past litigation tied to fraud allegations in their home country. The firm reconsidered the engagement, likely avoiding reputational risk and potential client fallout.
Whether onboarding new clients, engaging potential investors, appointing suppliers, or recruiting senior staff, having this level of visibility ensures the business remains aligned with legal and ethical standards—and is not unknowingly exposed to regulatory breaches or media scandal.
Making Compliance Possible—Not Painful
Traditionally, due diligence tools have been viewed as complex, expensive, or limited to large institutions. Tathabbat CORE changes that. With no training required and minimal setup, it enables small and mid-sized businesses to act with the same level of assurance as larger players.
Sanctions lists are updated every six hours. Alerts are issued in real time. And users can access the platform through manual entry, bulk upload, or via API, depending on operational needs.
For growing companies operating in a tightening regulatory landscape – especially as Saudi Arabia aligns further with international transparency standards – this type of proactive protection is no longer optional. It’s essential.
In a world where financial crime is growing more sophisticated by the day, regulators are raising the bar – and also the penalties. Saudi Arabia is introducing new AML obligations regularly, such as its recent UBO Rule mandating that companies disclose their ultimate beneficial owners.
Supporting a Safer Business Environment
Every business has a role to play in building a transparent, compliant commercial environment. By screening and monitoring relationships at an early stage, companies not only reduce their own exposure—they also contribute to Saudi Arabia’s broader efforts to combat financial crime and promote ethical growth.
