Principle 3: Duties and Responsibilities of the Executive Management Towards Compliance
No: 46020562
Date(g): 1/10/2024 | Date(h): 28/3/1446
Status: In-Force
Effective from 2025-03-27 - Mar 26 2025 To view other versions open the versions tab on the right
1.
Subject to its duties and responsibilities contained in relevant laws and regulations and SAMA-issued instructions, the Executive Management shall:
a.
Comply with applicable laws and instructions, and take the necessary measures and controls to prevent violations thereof.
b.
Establish an independent unit for compliance and describe its role to all Company employees.
c.
Create a work atmosphere built on trust and harmony between the Unit and other departments, and take the necessary measures to achieve that.
d.
Develop a written policy for compliance approved by the Board that sets out the powers, tasks and responsibilities of the Unit, as well as relevant compliance programs.
e.
Incorporate into the Company’s internal regulations guarantees of compliance with relevant laws and instructions.
f.
Develop a written organizational policy that includes work guidelines and procedures, and update it continuously in line with changes. The policy shall be communicated to the concerned employees in the appropriate manner and within a timeframe that allows for compliance. Such policy shall include the rules regulating compliance to the relevant laws and instructions.
g.
Provide appropriate training to the Company’s employees on an annual basis with periodic follow-ups, with the aim of keeping pace with developments in their respective fields of work and ensuring that they perform their duties and responsibilities effectively to help achieve compliance.
h.
Support the Unit to undertake its duties, including AML/CTF, by qualifying staff and upgrading technical and information systems, and budget setting in order to effectively implement, manage and monitor the AML/CTF program requirements, in the event that the AML/CTF unit is reporting to the Compliance Unit.
