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Effective from Oct 23 2022 - Oct 22 2022 To view other versions open the versions tab on the right
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.
