Robust systems of Compliance are essential to ensure that the Bank scrupulously adheres to all applicable laws, rules and regulations, and maintains a high degree of professionalism. The covenants which the Bank should adhere to include Saudi and other applicable laws, accounting standards, internal procedures and controls, international regulations, best practices, values and ethics.

The Compliance Department plays both a regulatory and advisory role. It provides guidance and advice on all laws, regulations and standards that should be adhered to and disseminates information. The Department also monitors work to ensure compliance and manages regulatory affairs. It is also exercises vigilance over the conduct of banking operations to prevent financial crimes.

The Compliance function plays a vital role in the achievement of the Bank’s Vision, Mission, objectives and values by maintaining the highest quality standards and implementing best practices. It provides advisory services to all bank functions and promotes awareness by disseminating information regarding compliance issues. This, together with the supervisory oversight the Department exercises, serves to combat financial crimes as stipulated by the regulations issued by Saudi Central Bank (SAMA) and issued Financial Action Task Force (FATF) Recommendations. Annually, the Compliance Department formulates and implements a monitoring and follow-up plan developed through a process of identifying and assessing risks. The plan is approved by the Board Audit Committee.

The values of “We care - we commit” are built into the Bank’s ethos which reinforces our culture of commitment. Emanating from this culture, the Bank has continued with awareness campaigns on various topics of commitment, principles of behaviour, work ethics and combating financial crimes. The campaigns are disseminated to the employees through several awareness methods. These include:

  • “Welcome to Riyad Bank” introductory session which is mandatory for all newly recruited employees
  • An annual online informative awareness programme which is followed by a quiz which is mandatory for all employees to ensure effectiveness
  • Visits to branches to conduct awareness and Q&A sessions
  • Email awareness messages

In addition communication channels are provided for employees to exercise their duties and responsibilities towards compliance. Employees are able to report cases of fraud or money laundering, or any other issues pertaining to the Whistle Blowing Policy. The Compliance Department also presented an awareness programme to the Bank's branches in all regions of the Kingdom which dealt with various issues in compliance and combating financial crimes.

The Compliance Department takes great care to ensure that the Bank fulfils the applicable and future regulatory requirements, such as the regulations and circulars issued by SAMA and other legislative bodies. It keeps all interested parties updated on any new requirements, such as the instructions issued on the principles of compliance for banks and commercial banks operating in the Kingdom of Saudi Arabia, Anti-Corruption Guide, financial fraud in banks and banks operating in the Kingdom ,and the Guide to Combating Money Laundering and Terrorist Financing. We are committed to making efforts to comply with any regulations issued by all official bodies with authority and competence.

In this regard, the Compliance Department analyzes and studies the requirements of any updated by laws and regulations, in addition to monitoring the effects of these updates on the Bank and its controls, and assessing any risks that may arise from their implementation. In addition, the Bank continues to strive to adhere to the recommendations of the Financial Action Task Force (FATF), the regulations and instructions of the Security Council, and the lists of the Office of Control of American Foreign Assets (OFAC) and Related Lists for Combating Money Laundering and Financing Terrorism and Preventing Proliferation.