Compliance

Compliance Group

Compliance Group at alrajhi bank plays a strategic role in safeguarding the bank, its employees, customers, and investors from risks that could impact its reputation. It is committed to fostering a strong compliance culture by reinforcing principles of trust, integrity, and transparency. This is achieved through the implementation of rigorous policies and procedures designed to mitigate regulatory and financial risks, ensuring that the bank operates in full compliance with applicable laws and regulatory requirements. These regulations include those set forth by the Saudi Central Bank (SAMA) and other relevant regulatory authorities in the countries where the bank operates. Additionally, the Compliance Group adheres to industry best practices, internal codes of conduct for employees, and governance frameworks for the bank’s international branches and subsidiaries. It also upholds global standards of integrity, ethical behavior, and compliance requirements established by international organizations responsible for overseeing the banking and financial sectors, including:

Enforcing regulations set by the Saudi Central Bank and other relevant regulatory authorities to prevent potential violations.
Implementing Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) measures.
Establishing effective monitoring systems to detect and prevent suspicious transactions linked to money laundering or terrorism financing, ensuring timely reporting in accordance with legal requirements.
Identifying and assessing compliance risks within the bank that could result in legal penalties or financial losses, while ensuring proper reporting.
Ensuring adherence to laws, regulations, and the code of conduct, while aligning internal policies and procedures with all applicable requirements.

Compliance Culture within the bank

The bank is committed to fostering a strong compliance culture rooted in the highest standards of honesty and professional integrity. Compliance should be embedded in the bank’s core values, recognizing that it is not solely the responsibility of the Compliance Group but a shared duty of every employee. This commitment extends across the bank’s operations, international branches, subsidiaries, and all business activities.

Board of Directors: Supervises the risks of non-compliance, provides the continuous support to senior management as well as Compliance group to ensure its ability to do its activities effectively.
Senior Management: Provides ongoing support to the Compliance Group to ensure its effectiveness in fostering a strong compliance culture.
Employees: Recognizing the critical role of compliance in protecting the bank, its customers, and its employees, all staff members are committed to adhering to regulations and guidelines within their respective roles. Their dedication to compliance enhances the bank’s integrity, reputation, and business continuity in line with high professional standards.
Compliance Group: Serves as the central compliance function within the bank, playing a key role in supporting the Board of Directors, senior management, and employees in effectively managing non-compliance risks.

Compliance Group Role and Tasks

Compliance team plays a crucial role in ensuring the full adherence to relevant rules and regulations including:

Develop and implement policies and procedures to strengthen compliance practices.
Conduct training and awareness sessions to promote a strong compliance culture among employees.
Oversee the implementation of regulations across the bank, including its international branches and subsidiaries.
Provide advisory and consultation services to ensure adherence to laws and regulations while minimizing non-compliance risks.
Identify potential compliance risks, offer guidance, assess the effectiveness of existing controls, and prepare reports for senior management.
Compile and submit periodic reports to senior management to evaluate the bank’s overall compliance status.
Offer necessary support to the bank’s groups, international branches, and subsidiaries to ensure regulatory compliance
Developing solutions that align with regulatory requirements while providing support to business and operational functions.

Download Compliance Forms and Statements