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Effective from 2019-12-10 - Dec 09 2019 To view other versions open the versions tab on the right
The compliance department must ensure the Consumer Microfinance Company’s compliance with applicable laws, regulations and instructions. It shall particularly perform the following tasks:
1.
identify and deal with all compliance risks and monitor all relevant developments;
2.
analyze new procedures, policies and operations and suggest procedures to address relevant compliance risks;
3.
follow a risk-based compliance program and include its findings in the report referred to in Article (41) of these Rules;
4.
collect compliance-related complaints and formulate written guidance to staff, where necessary;
5.
draft internal policies and procedures to combat financial crimes, such as money laundering and terrorism financing;
6.
monitor compliance with anti-money laundering and anti-terrorism financing laws, regulations, and rules;
7.
promote awareness of compliance issues and provide training to employees on compliance-related matters through periodic programs; and
8.
immediately report to SAMA and the audit committee in case of revealing any irregularities or violations.
