business ethics

alrajhi bank complies with SAMA’s requirements contained in Compliance Principles for Banks Operating in the Kingdom of Saudi Arabia. To this end, the bank has formulated a Compliance Policy that applies to all bank employees at all levels including international branches, subsidiaries and third-party employees’ contracted by the bank. The Compliance Group at alrajhi bank closely works together to raise the level of compliance with laws and regulations issues by SAMA as well as other locations where the bank operates. Compliance Group’s responsibility is to assist senior management in effectively managing and handling noncompliance risks faced by the bank (advice, control and monitoring). Compliance Group has responsibilities and functions of six core business units, all of which are directly and indirectly related to noncompliance risks, namely:

1. Responsibility for compliance control (control, relationship with the central bank, consultations);
2. Responsibility for compliance with AML/CTF and preventing the proliferation of arms;
3. Responsibility for combatting financial fraud;
4. Responsibility for combatting corruption;
5. Responsibility for Self-Supervision Unit;
6. Responsibility for handling reports of violations.

In case of any breach of policies, the Compliance Group investigates the incident, reviews appropriate corrective plans and ensures controls are sufficient.

The commitment to the highest standards of ethical, moral and statutory conduct and corporate behaviour at alrajhi bank cascades from the Board of Directors and Senior Management down the organisational hierarchy to the employees across all strata of the organisation. Compliance is instilled into alrajhi bank’s everyday business practices, and is viewed as an integral part of its operations and banking activities. It is the responsibility of all employees to observe high ethical, moral and statutory standards nurtured by the bank, which continues to strengthen its relationship with its customers and, consequently, its reputation.

Employees are considered as the first line of defence towards compliance issues and expected violations and therefore must be made aware of their role in making sure that compliance is maintained at the bank. As such, training is provided for employees in relation to compliance principles and their individual responsibilities.

Compliance with laws and regulations