Compliance & Anti-Money Laundering

Compliance & Anti-Money Laundering

Compliance and Anti-Money Laundering (AML) Culture statement
We, in Banque Saudi Fransi , believe that compliance is the responsibility of everyone in the organization. Consistent with its mandate to create a robust compliance and AML culture, the bank ensures that the entire organization – from the Board of Directors, Senior Management, employees and its branches – consistently complies with applicable laws, rules, regulations and standards.

The Bank’s Senior Management ensures that a compliance program is well-defined and that compliance issues are resolved expeditiously. This program sets out planned activities, compliance risk identification, assessment, compliance testing and training on compliance related matters.

The Board oversees adherence to the Compliance Program and Management ensures that all personnel and branches meet the compliance standards of the Bank.

AML Culture statement
Money laundering has been identified as a major threat to the International financial services community. The mitigation of money laundering risks plays an important role in assisting the Saudi Arabian Monetary Agency (SAMA), the central bank of the Kingdom of Saudi Arabia, in achieving its objectives of preserving market confidence and promoting and maintaining the efficiency, transparency and integrity of the Saudi financial sector. Also, it aims to deter criminals from using the products, services and network of Banque Saudi Fransi branches for laundering the proceeds of their crimes.

In this respect, Banque Saudi Fransi is committed to fighting money laundering and combating terrorism financing by adopting and maintaining appropriate policies, procedures, systems and controls.

Also, we strongly believe that stringent “Know Your Customer” (KYC) measures have particular relevance to safety and due diligence in that they help to protect the Bank’s image by reducing the likelihood of becoming a vehicle for, or a victim of, financial crime and, as a result, suffer reputation damage. Therefore, Banque Saudi Fransi KYC policy is being continuously enforced in a way so that we only service customers, whose sources of funds can be reasonably established to be legitimate, therefore, obstructing the utilization of our Bank as a vehicle to clean illegal funds and compromising its integrity.

Responsibility for this task lies with each and every individual in the Bank, especially when considering a customer for acceptance before entering into a relationship, and when handling each customer’s business during the life of the relationship.

Our AML Program
Banque Saudi Fransi has established and continues to maintain a global Anti-Money Laundering Policy, designed to ensure that Banque Saudi Fransi and all of its local branches and affiliates are in compliance with applicable laws, rules and regulations related to anti-money laundering and counter financing of terrorism.

Therefore, Banque Saudi Fransi maintains an Anti-Money Laundering Compliance Program which mainly provides for the following:
  • Anti-Money Laundering procedures designed to implement the Bank’s Customer Identification Program and systems to ensure that appropriate due diligence, and when necessary, enhanced due diligence, including obtaining and maintaining appropriate documentation, is conducted at account opening and updated, as necessary, through the course of the customer relationship;
  • The designation of an Anti-Money Laundering Compliance Officer responsible for coordinating and monitoring day-to-day compliance with the Anti-Money Laundering Policy and applicable laws, rules and regulations;
  • Recordkeeping and reporting practices in accordance with the Anti-Money Laundering Policy and applicable laws, rules and regulations;
  • Appropriate systems & methods of monitoring transactions and account relationships to identify potential suspicious activity;
  • Reporting of suspicious activity to competent authorities in accordance with the Anti-Money Laundering Policy and applicable laws, rules and regulations;
  • Ongoing training of appropriate personnel with regard to anti-money laundering and counter- terrorism financing issues and their responsibilities for compliance;
  • Independent testing to ensure that the Anti-Money Laundering Compliance Program has been implemented and continues to be appropriately maintained.
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