Article 36
Effective from 2022-04-26 - Oct 22 2022
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| The compliance department shall ensure the Company’s compliance with applicable laws, regulations and instructions. It shall particularly perform the following tasks: | |
| 1. | Identify and address risks of non-compliance and monitor their developments. |
| 2. | Analyze new policies, procedures and processes and suggest procedures to address relevant compliance risks. |
| 3. | Adopt a risk-based compliance program and include its findings in the report referred to in Article (34) of these Rules. |
| 4. | Formulate compliance-related guidance to staff where necessary. |
| 5. | Ensure that real estate financiers have internal policies and procedures to combat financial crimes, such as money laundering and terrorist financing. |
| 6. | Monitor compliance with all applicable anti-money laundering and counter terrorist financing laws, regulations, and rules. |
| 7. | Promote awareness of compliance issues and provide training to staff on compliance-related matters through periodic programs. |
| 8. | Immediately report to SAMA, and the audit committee any irregularities or violations. |